t LIBRARY OF CONGRESS, ' 

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£ f <../,y., 7 /,t *=M. i 

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UNITED STATES OF AMERICA. J 



FORTY COMPANIES ARE NOW USING 



MUTUAL, X. T. 

SECURITY, " 

NEW YORK, " 

WASHINGTON, " 

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UNIVERSAL, " 

UNITED STATES,. " 

EQUITABLE, " 

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STANDARD, " 

NORTH AMERICA,.. " 

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GLOBE N.Y. 

NATIONAL, " 

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ATLANTIC Albany. 

ETNA, Hartford. 

PHOENIX, " 

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THIS BOOK, yiz: 

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PROVIDENT L.&T., " 

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SOUTHERN MUT.. Louisville 

EQUITABLE, Lcnva. 

DELAWARE MUT.Wilin'n. 



The Hon. William Barnes, Insurance Commissioner for the State of 
New York, says : ff I cannot doubt that Agents will find the Manual con- 
venient and useful." 

A General Agent, controlling a very large business, says : ee I shall 
put the Manual into the hands of every one of my sub-agents and 
canvassers^ with the promise that he will read it." He adds : "It saves 
an immense amount of talking and explaining in instructing agents" 

" We are much pleased with the Agent's Manual/' writes a General 
Agent, ce I have read large portions of the work aloud to several agents, 
and all speak in terms of praise." 

Another writes : ce You have done the Agents an immense service." 
Another General Agent, whose experience and success equal those of 
any other agent in the country, writes : cc I have looked over your book 
with much interest and satisfaction. It is a very valuable and finely gotten- 
up book. Please send me fifty copies of Grade No. 3, with my imprint on 
them." 

Another General Agent writes : " This Manual is destined to work $. 
radical change in the Insurance Agency business." 

The President of a prominent Company writes : (t The Manual is 
spoken of highly by all who have seen it. I think it a most excellent thing 
for beginners ; and I have no doubt that the principal Agents of the Com- 
pany would gladly incur the expense of a large number of copies for sup- 
plying their Canvassers with it, were it brought to their notice." 

Another President writes—" The book is all that it is recommended 

to be. Our solicitors soy it is worth one hundred dollars per 
month to them." 



w 






The following is from the Banking and Insurance Chronicle, 
Chicago : 

" On every page of this work is information of which no Life Insur- 
ance agent or solicitor should be ignorant if he expects to succeed in his 
calling. Indeed, we have never seen set forth with such clearness the rea- 
sons why some men do not succeed in the getting of Life Insurance poli 
cies. Dr. Fish takes that high standard for the moral dignities of the 
profession of Life Assurance to which it is fully entitled, and in all of the 
sixty-four rules for c Beginning/ 'Managing/ and 'Enlarging' the busi- 
ness, as well as e Arguments in urging Assurance/ and e How to meet 
Objections/ he gives methods for the guidance of the agent and the solicitor, 
which are ennobling alike to the profession and the practitioner/ , 

An effective General Agent writes : " I have perused every section of the 
Agent's Manual with much interest. It not only meets my views of what 
a Life Insurance Agent should be, and do, but it certainly is a work very 
much needed among the c Profession.' In my judgment Companies would 
do good service to their cause by putting a copy into the hands of every 
agent they commission" 

Another writes : " It is indeed invaluable." 

Another writes : ce Candidly, I do consider your book a necessity to 
every Life Assurance Agent, and impress this on all of my Agents." 

Another writes : {c So full, apt, and forcible are the numerous hints, 
arguments, and suggestions, with the different items of information, con- 
tained in the Agent's Manual of Life Assurance, that if one will but read 
and put in practice what is here furnished, he cannot fail of success." 

Another General Agent writes : <c The book is worth its weight in 
gold!" 

GRADES AND PRICES OF AGENT'S MANUAL. 

NEW AND STANDARD LIST. 

Grade No. 1, square 8vo., muslin, antique, blue and gold, tinted paper, each, $2 20 
do 2, small Svo, muslin, antique, red edges, do do 1 65 

do 8, 12mo, flexible covers, white paper, do 1 25 

OTHER RATES. 

Ten per cent, will be deducted from the above rates where 50 copies or more are ordered at a time ; 
and fifteen per cent, will be deducted where over 300 copies are orderod at a time. Single copies will be 
sent by mail upon receipt of price as above, and ten cents for postage. 

4^ in ordering, be particular to specify which grade is wanted ; and to send the money with the 

Orders, thus avoiding the expense of collection. 

If desired, the Company's imprint, and also that of the General Agent, if so requested, will be 
added, without expense, where fifty or more copies of any one grade are ordered at a time. The 
. Company's Tables, &c, will be added, if desired, at bare cost of composition and stereotyping, 
J where not less than 100 copies are ordered at a time. No charge for extra press-work or paper. 

To any President or General Agent desirous of introducing the work (with a view to its circulation 
if approved), a copy, in flexible covers, will be sent free, upon application to the publishers, enclosing 
the postage, and specifying the intention. 

Circulars, fully describing the work, will be furnished to all who will be so kind as to distribute 
them . State the number of Circulars wanted. 



AMERICAN MANUAL OF LIFE ASSURANCE, 

BY THE AUTHOR OF THE AGENT'S MANUAL OP LIFE ASSURANCE. 

This little book of 54 pages izmo has been wonderfully successful as 
a canvassing document. An Agent says: "It hits every time/' 

Price, in Illuminated covers and tinted paper, single copies, and less 
than 1000, 18 cents each; 1000 copies and less than 5000, 15 cents each; 
5000 copies or over 13 cents each. No charge for inserting Company's 
matter, except typesetting. Address as below, being careful to designate 
American Manual (to distinguish it from Agent's Manual). Send 
money with orders. 

jg^gp* The author has prepared a small condensed German edition of the 
American Manual, which can be furnished in beautiful style, with the 
Company's matter, at from $60 to $80 per 1000 copies. Substantially 
the same in English can be used in a Prospectus, and will be furnished 
at the same price. Sample copies for examination, of either the English 
or German, will be sent upon application. 



The Publishers announce as now ready, a new and elegant pictorial 
work, by the same author, of thirty-six pages: entitled 




FAMILY BOOK 



basket. It has 16 beautiful engravings, illustrating every point 
Assurance, and reading matter to inform the mind and incite to imme 
diate action. Canvassers will find it effective. It is furnished in the 
same size and style of the American Manual, at the same price. In a 
larger size as follows: single copies and less than 1000, 20 cents each; 
1000 or over, 18 cents each. Company's matter added at cost of com- 
position. Sample copies for examination sent upon receipt of 15 cents. 

Orders for any of the above works must be sent to 

WYNKOOP & HALLENBECK, 
Printers and Publishers, 113 Fulton street, N. Y. 

JANUARY, 1868. 



The design has been to make a book which will not get into the Scrap* 
16 beautiful engravings, illustrating every point of Lite 



is 



V 



EXCLUSIVELY FOR AGENTS. 



THE 



.GENT'S 



JA 



ANUAL 



OF 








KY THE AUTHOR OP u THE AMERICAN MANUAL OP LITE ASSURANCE, " AND 
PRIZE ESSAYS "PRIMITIVE PIETY REVIVED," "THE GREAT 
INQUIRY ANSWERED," "DO^T SWEAR," AND ^ygZ 
" THE HOUR FOR ACTION." 



±S 



(a 




Copyright secured in America and England, 



/ t NEW YORK : 

WYNKOOP & HALLENBECK, 

No. 113 Fulton Street. 



1868. 






Entered according to Act of Congress, in the year 1867, by 

HENRY C. FISH, 

Tn the Clerk's Office of the United States District Court for the District of 
New Jersey. 



"Among the honorable workers in the civilized world, to whom 
the public as well as the assured will die indebted, we give faithful 
and successful Life Assurance Agents a high place." 

Elizhr Wright. 



H That some of the tears of the widow mag bs wiped away, and 
some of the cries of the fatherless be hushed." 



PREFATORY NOTE. 

EVERY science has its corresponding 
art. Life Assurance is a Science; but 
it is also an Art. The theory is one 
thing ; the practice is quite another. And the 
latter is not a matter of less importance than the 
former. 




As a consequence, active and intelligent 
Agents are essential to the prosperity of a Life 
Company. It is not enough to establish agen- 
cies. Those filling them are to be instructed 



PREFACE. 



and stimulated into full-grown and efficient 
men. 

Every successful and rising Assurance office 
has devoted a considerable part of its attention 
to the matter of agencies. Where this has been 
deemed of trifling moment, little has been ac- 
complished. 

A Life Agency may fairly be called a Pro- 
fession. And hence an agent should have, 
besides a general education, a sort of profes- 
sional education, — which, by common consent 
is demanded in the practice of law, medicine 
and the like. Other things being equal, the 
more familiar one is with his profession, the more 
thoroughly furnished is he for his work. 

The public is fast becoming enlightened on 
the subject of Life Assurance. Inquisitive minds 



now push their investigations beyond the adver- 
tisements, circulars, &c, of the Life Companies,, 
and ask for other information. Hence, a higher 
grade of intelligence and capacity on the part of 
agents is requisite; — just as the general educa- 
tion of the masses necessitates a more thorough 
education of the teachers. They must broaden 
the horizon of their knowledge, and be prepared 
to speak intelligently of what they recom- 
mend. In a word, they must show that they 
are masters of their profession. For how can 
a novice instruct? And how can an agent 
bring to bear a controlling influence upon a 
man who is competent to be his teacher in the 
very things belonging to his occupation? 

A work like that here submitted was there- 
fore needed. Its aim is one and simple; — 
namely, to help Life Assurance Agents. It puts 



PR.LFACE. 



into their hands just the facts they want to pos- 
sess ; gives them something to think about ; 
furnishes a multitude of hints and suggestions; 
magnifies their work and places it on a higher 
level; raises their courage; kindles enthusiasm; 
and imparts force, readiness, and effectiveness 
in their high and beneficent calling. 

The author takes occa ion to acknowledge 
his indebtedness to the Hon. Wm. Barnes, In- 
surance Commissioner for the State of New 
York, Mr. B. F. Stevens, President of the New 
England Life Insurance Company, Boston, 
Mass., Mr. J. G. Batterson, President of the 
Travelers' Insurance Company, Hartford, Conn., 
Mr. Lewis C. Lawton, Assistant Actuary of the 
Mutual Life Insurance of New York, and other 
gentlemen, whose statistical and other publica- 
tions, and whose kind assistance, have given in- 
creased value to this work. 



CONTENTS. 



i. 

PAGE, 

THE SIGNIFICATION OP TEEMS 11 

II. 
THE LITEKATUEE OF LITE ASSUEANOE 15 

III. 
THE HISTOET OE LIFE ASSTJEANCE • • 19 

TV. 
THE NAMES, OFFIOEES, ETC., OF EXISTING CCS- - 25 

THE SCIENCE OF LIFE ASSUEANOE 31 

"VX 
THE PEAOTIOE ELUCIDATED 37 



VI. 

PAGE. 

THE MOKAL ASPECT OF LITE OPERATIONS 43 

"VXEL. 
!PHE QUALITIES OP A GOOD AGENT 47 

1. He appreciates his work 47 

2. He is moved by high impulses 49 

3. His heart is enlisted 51 

4. He is active and industrious 52 

5. He is courageous and determined- - • • 54 

6. He has tact and discrimination 56 

7. He speaks the truth 58 

8. He has a good reputation- • • — > 61 

9. He is agreeable in manners 62 

10. He is devoted to his calling 64 

11. His interest is in one Company 65 

12. He is careful in selecting risks 64 

IX. 
BEGINNING THE BUSINESS 67 

1. Personal canvass at the outset 6/ 

2. A policy on his own life 68 

3. Familiarity with Life Assurance 69 

4. Posted as to his own Company 70 ' 

5. His Medical Examiner 70 ' 



vm 



PAGE. 



6. Acquaintances registered and visited. 71 

7. Making new acquaintances .72 

8. Getting names for reference- • 73 

9. Treatment of other Agents •- 74 

MANAGING THE BUSINESS ?5 

1. Method in everything 75 

2. Eelations to the Home Office 76 

3. Satisfied with terms 77 

4. Prompt delivery of Policies 78 

5. Eenewals and rejections . • 78 

6. Helping the Hesitating 79 

7. Filling ont applications 79 

8. Eesign if doing nothing 80 

XI. 

ENLAEGINGTHE BUSINESS 81 

1. Widening one's own field 81 

2. Striking for large Policies 82 

3. Depending on " Machinery." 83 

4. Editorial notices. 84 

5. The nse of Eeports, Office-books, &c. 84 

6. The influence of Ministers 85 



V11L 

PASS. 

7. Sunday-School Teachers 86 

8. Turning to advantage deaths of assured 86 

9. Same of the deaths of unassured 87 

10. New attention to canvassing 87 

11. The motive of patronage 88 

12. Never without blank applications 88 

13. Recommending new Agents 89 

14. Operating through "bosses" and employees- •• 89 

15. Visiting the " intimate friend," - 90 

16. Convincing the Wives 90 

17. Looking after the newly married 91 

18. Making each assured a helper 92 

19. Applying to those already assured 92 

XXL 

ARGUMENTS IN URGING ASSURANCE 93 

1. Scripture and duty 94 

2. Immediate provision 95 

3. It is found here 95 

4. The only method known 95 

5. Uncertainty of life 96 

6. Posibility of sickness 96 

7. Family affection 97 

8. A social obligation 97 



IX. 
?ACHS. 

9. Its beneficence 98 

10. A means of self-protection 98 

11. Variety of uses 99 

12. A good investment • • • 100 

13. Increases credit 101 

14. Personal Advantages 101 

15. Joy to the Household 102 

16. A dictate of prudence 102 

17. Final appeal 103 

HOW TO MEET OBJECTIONS 115 

1. Indebtedness - 105 

2. Well off 106 

3. Eeligious scruples 106 

4. Pears as to safety • • 107 

5. Expensiveness • • • 108 

6. Making money 108 

7. Assuring one's self 109 

8. The Savings Bank 109 

9. Using funds in business HO 

10. No family ties HI 

, 11. Inability to continue H* 

12. Some other time - HI 



:xrv. 

PAGE. 

CONVENIENT TABLES 113 

1. Interest and Discount 113 

2. Compound Interest No. 1 114 

3. Compound Interest No. 2 116 

4. Description of Standard Mortality Tables 120 

5. Breslau Table 124 

6. London Table 125 

7. Swedish Table 126 

8. French Table 127 

9. Northampton Table • • • > 128 

10. Carlisle Table 129 

11. Equitable Table 130 

12. Belgian Table-...,. 131 

13. Combined Experience Table 132 

14. English Table No. 1 133 

15. English Table No. 2 134 

16. English Table No. 3 135 

17. Height and Weight 136 

18. Short Eule of Expectation 137 

19. Discount Table 138 

20. Comparative Mortality Table, 1 139 

21. Comparative Mortality Table, II 140 

22. Comparative Mortality Table, HI 141 

2CV. 

OEIGIN AND BUSINESS OP COMPANIES 142 



gent's 




anual 




THE SIGNIFICATION OF TERMS. 




CTUARY. — In law, this word was 
originally used to designate a clerk, or 
registrar, in courts of civil jurisdic- 
tion. Webster defines an actuary 
as (C the manager of a joint-stock 
company, particularly of an insurance 
company; — in America, chiefly ap- 
plied to the manager of a life insurance com- 
pany." A better definition is, one en- 
gaged in what are termed contingent, or 
accidental calculations and estimates. 

Annuity — Is an annual payment ; or, a 
yearly income charged on the person or com- 



pany granting it. 



12 SIGNIFICATION OF TERMS. 

Assets — Constitute the entire property of all kinds be- 
longing to a person or an association. 

Assurance, or Insurance — Is a contract for the payment 
of a sum of money on occasion of a certain event, as loss,, 
or death. In England, and, to an increasing extent, in 
America, assurance is used in life operations, and insur- 
ance in those of lire. The distinction, as made by Mr. 
Babbage, is this : Assurance is a contract dependent on 
the duration of life, which must either wholly happen or 
wholly fail. Insurance is a contract relating to any other 
uncertain event, which may partly happen or partly fail. 
Quite generally, however, the words interchange. Life 
Assurance may be defined to be a plan by which any 
sum of money may be secured at death, whenever that 
may talce place, or be received at any given age of the 
life assured if the life continue. 

Bonus — Is an extra dividend to the shareholders of a com" 
pany, out of accumulated profits. 

Dividend — Is the share of profits, or surplus, belonging to 
each partner or proprietor. 

Loading — Is a sum added to a previous amount to make 
its sufficiency doubly sure, 

Policy — Is a ticket, warrant, or written contract for money 
in a public fund or society. 

JPremium — Is the sum paid for insurance or indemnity. By 



SIGNIFICATION OF TERMS. 13 

Single Premium is meant a sum of money paid down > 
and in consideration of which, without any further pay- 
ment, the sum assured will be guaranteed to be paid at 
any given age, or at the death of the assurer. By Annual 
Premium is meant a sum of money to be paid yearly until 
the death of the party, or for a limited number of years, 
as may be agreed upon. 

Reserve. — This is the difference between the present value 
of the sum assured and the present value of the net 
future premiums. It is that sum for which the Policy to 
which it belongs could be transferred to and reassured 
by another company. 

Reversion — Is the sum payable at death, or at any future 
period. It may be secured by the payment of a single 
or of an annual premium. 

Reversionary Addition. — That sum which is added to a 
Policy for the Cash Dividend at the single payment rate. 
The amount so added is payable with the original policy. 

Scrip — Is a certificate of stock, or of a share of joint prop- 
erty. 

Void — Means empty, null, having no binding force. All 
Life Assurance Companies have certain conditions, re- 
strictions, or rules, the violation of which hazards or 
destroys the policy. These restrictions relate to travel 
or residence in other countries ; the payment of pre- 



*4 SIGNIFICATION OF TERMS. 

miums when due, &c. If these regulations are disregarded, 
or if the party assured dies by the hands of justice, or in 
an attempt to violate the law of any country where he 
may reside or happen to be, or in consequence of a duel, 
or by reason of intemperance from the use of intoxicat- 
ing liquors, or by his own hand ; or if the annual pre- 
mium be not paid in the manner prescribed, the policy is 
in most of these cases, either in whole or ,in part, for- 
feited. 





LITERATURE OF LIFE AS- 
SURANCE. 

OR the most part those who have writ- 
ten upon the subject of Life Assurance,, 
have done so with the purpose either 
of developing its laws and foundation 
principles, or of exhibiting its calcula- 
tions. Hence their writings are chiefly 
abstract and scientific. English author- 
ship is the principal field of the Literature 
of Life Asssurance. America has yet to 
produce its first decidedly great work on this 
subject. The publications enumerated, present 
a pretty complete catalogue of all works of any 
importance on the Assurance of human life that 
have ever been written. 




l6 LITERATURE OF LIFE ASSURANCE, 

Griffith Davies on Annuities. 

F. Bailey on Annuities. 

Richard Price on Annuities (2 vols.) 

ftuetelet on the Theory of Probabilities. 

An Essay on Probabilities, by A. De Morgan. 

Sang's Essay on Life Assurance. 

Sang's Valuation of Life Contingencies. 

Jones on Annuities and Reversionary Payments (2 vols.) 

The Sixth and Twelfth Reports of the Registrar- General 
of England. 

Pocock's Chronological List of Books on the Doctrine of 
Chances. 

The Insurance Guide and Hand-book, 2d ed. ; useful, 

Charles Babbage's Tables of Logarithms. 

Joshua Milne on Annuities. 

E. Baylis on the Arithmetic of Annuities. 

Robertson on Life Assurance. 

William Morgan on Life Assurance. 

Alfred Burt on Life Assurance. 

Edward Hully on Life Assurance. 

Hoyle on Life Assurance. 

Park on Life Assurance. 

Neison on Vital Statistics. 

Ansell on Vital Statistics. 

Ellison on Life Insurance, 

Dowdeswell on Life Insurance. 

Millar on Life Insurance. 

E. J. Farren on Life Insurance. 

A. Scratchley on Life Assurance Societies. 



LITERATURE OF LIFE ASSURANCE. \J 

Thackeray on Life Assurance. 

James (J. H.) on Life Assurance. 

The Handbook of Life Assurance, by C. B. Norton. 

The Vade Mecum, by J. Baxter Langley, M. K. S. C. 

The American Manual of Life Assurance, by Henry C. Fish, 

D. D., Newark, N. J. 

The American Life Assurance Magazine (Quarterly), by G. 

E. Currie, 153 Broadway (seven bound volumes). 

The Insurance Monitor, by T. Jones, Jr., 14&16 Wailst., 

No Y. (monthly, and back numbers). 

The Wall Street Underwriter, by Grierson & Ecclesine, 18 

Wall st. (Life and Fire), monthly. 
Insurance Reports (New York and Mass.), bound volumes. 
Journal of the Actuaries; monthly, London. 
Francis Corbeaux on Laws of Vitality, &c. 
law of Fire and Life Insurance, Geo. D. B. Beaumont. 
Assurance Premiums, by Wm. Orchard. 
Life Assurance Manual, by P. A. Eagle. 
Farr's New Life Tables. Quarto, 1864. 
An Appeal for Life Insurance, by G. E. Currie, N. Y. 
Annals, Anecdotes, etc., of Life Assurance, by J. Francis. 

The Law Of Life Assurance, by Charles John Bunyan. 

Fifteen Years' Experience in a Mutual Life Insurance 

Company, by S. Homans, New York. 
What is Life Assurance ? by Jenkin Jones. 
The Medical Selection of Lives, by Wm. Brinton. 
Medical Estimate of Life, by S. H. Ward. 
Hutton's Mathematical Tables. 
George Cardwell : a Life Insurance Tale, by N. D. Morgan. 



l8 LITERATURE OF LIFE ASSURANCE. 

Marshall's Tables of Value of Annuities. 
Hodgson's Observations on Duration of Life. 
Why Should I Insure my Life ? by H. R. Sharman. 

Practical Life Tables, by Alex. McKean. 

Price's Observations on Reversionary Payments. 

Commission Profits of Life Assurance, by s. Brown. 

Treatise on Life Annuities, by F. Biayney. 

Sew and General Notation of Life Contingencies, by Hardy. 

Peter Gray's Tables of Life Contingencies. 

W. E. Hillman's Tables of Life Policies. 

David Jones on Value of Annuities. 

B. H. Todd's Life Insurance Investigation Tables. 

W. T. Thompson's Actuarial Tables. 

William Wood's Conversion Tables. 

Popular Tables, by Charles M. Willich. 

Medical Examinations for Life Insurance, by J. Adams 

Allen. Chicago, 111. 

Banking and Insurance Chronicle, Chicago, Hi. 
Chisholm's Commutation Tables (2 vols.) 





THE HISTORY AND PRESENT POSI- 
TION OF LIFE ASSURANCE. 

OUBT hangs over the actual origin of 
the idea and the practice of insurance. 
In the year 1435 a Spanish writer issued 
a challenge to the world, claiming for 
Barcelona the honor of being the birth- 
place of this practice. The claim was 
met by the Italians, who quoted the 
rates of insurance on shipments from Lon- 
don to Pisa and Bruges as early as 1400. It 
\> was also ascertained by a chronicle of King 
Ferdinand that the contract of reciprocal insur- 
^ ance was known in Portugal as early as 1375. 
Many other writers allude to the practice of in- 
demnifying ship-owners and merchants against losses by the 
elements, or by enemies, at a much earlier date. 




20 HISTORY AND PRESENT POSITION OF LIFE ASSURANCE. 

The invention of the principle of insurance has generally 
been accorded to the Romans, from the fact that the writ- 
ings of Livy, Suetonius, Cicero, and Sallust mention stipu- 
lations of indemnity to contractors during the second Punic 
War, and a like surety granted by Claudius for delivery of 
grain during a time of great scarcity, as also the security 
claimed by Cicero for the carriage and safe delivery of the 
spoils of war gained by the victories in Silesia. The first 
English statute appears in the time of Elizabeth, 1601, but 
it designates the system as of ce tyme out of mynde, and a 
usage amongste merchants." The question of priority must 
therefore be accorded to marine insurance, and the inven- 
tion to the Italians. 

LIFE Assurance, also, dates far back in the annals of the 
past. It is common for writers on this subject to assign its 
origin to the beginning of the eighteenth century ; making 
its existence hitherto to have been about one hundred and 
fifty years. But it has certainly existed twice that length 
of time. Indeed, we find traces of the theory of probabili- 
ties, (which underlies life assurance,) as far back as the time 
of Pliny, and even Plato, preceding the Christian era. It 
is also certain that some four hundred years after Christ, a 
table was actually in existence by which annuities could be 
valued. 

But that Life Assurance was absolutely practiced as early 



HISTORY AND PRESENT POSITION OF LIFE ASSURANCE. 2 1 

as above stated, i, e. in the sixteenth century, is put beyond 
question by the contents of a volume in the French lan- 
guage called the Guidon (guide, standard), whose author is 
unknown, but which must have been written some three 
hundred years since. In this ancient document the writer 
speaks of ee insurance made by some nations upon the life 
of men, in case of their decease upon a voyage, to pay cer- 
tain sums to their heirs or creditors." Hence it appears 
that in his day "some nations " practiced life assurance. 
How much earlier we do not know. 

From an old English work on Usury, printed in 1584, 
we learn that a particular feature of life assurance — endow- 
ments for children — supposed to be a very modern idea, was 
known and substantially practiced then (nearly three hun- 
dred years ago). The writer speaks of money being in- 
vested in a ec Companie," which company agrees fc that 
whosoever lendeth such a summe of money, and hath a childe 
of one yeere, shall have for his childe, if the same childe 
doo live till he be full iifteene years of age, 500 li. (pounds) 
of money." 

We also find historical traces of the practice of assuring 
lives in Germany, of an equally early date. 

The first scheme of importance, however, and which may 
be regarded as the foundation of the modern system of life 
contingencies, was the system of Tontines, invented 



22 HISTORY AND PRESENT POSITION OF LIFE ASSURANCE. 

by Lorenzo Tontie, or Tontine, a Neapolitan, ir* 
1653. 

The first public office for assuring lives which we are able 
to identify, originated with a clergyman of Middletown,Lan- 
cashire, England, named William Assheton, D. D., in the 
year 1698. His object was the benefit of the widows of 
clergymen and others, and for settling jointures and annui- 
ties. It went into operation under the name of ff The 
Mercer's Company," in London. In 1700 another society 
was instituted called the ee Society of Insurance of Widows, 
and Orphans." 

In the year 1706, the ee Amicable Society of London " was 
founded ; but it made this fundamental error, that the rates- 
of premium were uniform for all ages assured ; nor was any 
fixed amount guaranteed in case of death. Hence very 
little was done. In 1721 the fC Royal Exehange," and 
cc London Assurance " Companies were formed. But it was 
not until 1780 that the business of Life Assurance may be 
said to have fairly begun. In that year the ce Equitable 
Society " (which eighteen years before had obtained a char- 
ter with the greatest difficulty, and had so far met with 
little success, so great was the ignorance prevailing upon the 
whole subject) adopted the Northampton rabies as the basis 
of its calculations ; its actuary or manager being William. 
Morgan, who was aided by the advice of his uncle, D*v 



HISTORY AND PRESENT POSITION OF LIFE ASSURANCE. 23 

Richard Price, a celebrated writer upon the principles of 
Life assurance. 

Life Assurance was introduced into this country by a few 
Episcopalian clergymen who formed a society in 1769. 
The first public Assurance Company was the Pennsylvania, 
established in 1812. 

The Massachusetts Hospital Life Insurance Company seems 
to have been the next formed, in the year 1818. In 1820 
the ^Etna Insurance Company of Hartford had Legislative, 
power granted to it to do Life business. The New York 
Life Insurance and Trust Company was chartered in 1830* 
the Mutual of New York in 1843, and the New England 
Mutual in 1844. About this time several companies went 
into successful operation. 

At the present time there are in Great Britain nearly two 
hundred such companies; and the amount there assured 
upon life is estimated at £300,000,000. Some £30,000,000, 
new assurance is being added annually. One tenth of the 
male adult population is assured. 

In the United States there are about seventy Life Com- 
panies, receiving an annual income of nearly $50,000,000. 
But little short of four hundred thousand lives are now as- 
sured, covering risks amounting to about $1,000,000,000. 
These are striking proofs of the popularity of Life Assur* 



24 HISTORY AND PRESENT POSITION OF LIFE ASSURANCE. 

ance. During each year, more than six millions of dol- 
lars are paid by the Life Companies in the United States, 
to the families or representatives of the assured; mainly 
to widows and orphans. 

The number of policies now issued, yearly, by all the 
Companies in the United States, is not far from 120,000. 
And the business is constantly and rapidly increasing. 

A few words may be added on the stability of Life As- 
surance. It is too much to say that Life Companies have 
never failed. In England, up to the time of Richard 
Price (1780), assrrance of life had been little better than 
a gambling operation. And much later, has there been 
great unfairness in business of this description ; which, hap- 
pily, is not true at present. A very few Companies doing 
life business in this country, have by mismanagement gone 
down ; but the cause has been the union of other business 
with that of life. Not a single Company confining itself to its 
legitimate work has failed, nor is the thing conceivable, for 
there is scarcely room for contingencies, The experience of 
the commercial world can point to no such permanency as 
is seen in Life Companies, nor does any class of institutions 
compare with them for uniformity, safety, and reliability. 



LIFE ASSURANCE COMPANIES. 



E have spared no pains to be able to 
present here a full and complete list 
of • the several Life offices in the 
United States. Such a list, it is be- 
lieved, is found in no other publica- 
tion. For reference, and correspondence > 
it will be of great convenience, besides 
le satisfaction that one feels in being 
posted" We arrange them in alphabet- 
;al order. 
Of the officers, it will be understood that the 
one first named is President, and the next, Sec 

retary. The date is the year of organization. 
2 




26 LIFE ASSURANCE COMPANIES. 

JEtna Hartford, Conn., 1820. 

E. A. Bulkeley, T\ O. Enders. 

American Philadelphia, Pa., 1850. 

Alexander Whilldin, John S. Wilson. 

American Mutual . . . New Haven, Conn., 1848. 

Benjamin Noyes, R. F. Lyon. 

American Popular New York city, 1866. 

Benjamin F. Bancroft, Fred. Shonnard. 

Arlington Mutual , . Richmond. Va., 1867. 

John E. Edwards, D. J. Hartsook. 

Ashbury Life , New York, 1 868. 

Atlantic Mutual Albany, N. Y., 1866. 

Robert H. Pruyn, Louis B. Smith. 

Atlas St. Louis, Mo., 1866. 

Charles A. Mantz, J. R. Macbeth. 

American Tontine and Savings. . New York city, 1867. 
William H. Ludlow, Pres. 

Berkshire Pittsfield, Mass., 1851. 

Thomas F. Plunkett, Benjamin Chickering. 

Brooklyn . . . „ Brooklyn, N. Y., 1864. 

Christian W. Bouck, William M. Cole. 

Chicago . Chicago, Hi., 1 867. 

W. F. Tucker, John W. Clapp. 

Carolina Memphis, Tenn., 1867. 

M. J. Wicks, W. F. Boyle. 

Charter Oak Hartford, Conn., 1850. 

James C. Walkley, Samuel H. White. 

Cincinnati Mutual Cincinnati, O., 1866. 

Conduce G. Megrue, J. F. Reynolds. 

Connecticut General Hartford, Conn., 1865. 

Edward W. Parsons, Thomas W. Russell. 



LIFE ASSURANCE COMPANIES. 2 J 

Connecticut Mutual Hartford, Conn., 1846. 

Guy R. Phelps, W. S. Olmsted.. 

Continental Hartford, Conn., 1862. 

John S. Rice, Samuel E. Elmore*. 

Continental New York city, 1866. 

Justus Lawrence, J. P. Rogers. 

Covenant Mutual St. Louis, Mo., 1853. 

A. F. Shapleigh, Charles C. Archer. 

Diamond State Mutual Wilmington, Del., 1867. 

James C. Aikin, Robert McCabe., 

Delaware Mutual ......... Wilmington, Del., 1867. 

J. P. McLear, M. M. Child. 

Economical Mutual Providence, R. I., 1866. 

Simon S. Bucklin, William Y. Potter.. 

Empire Mutual Chicago, 111., 1867. 

Thomas Drummond, Edwards W. Porter.. 

Enterprize .Jersey City, N. J. 

E. C. Fisher, Pres. 

Equitable Assurance Society . New York city, 1859. 

William C. Alexander, James W. Alexander. 

Equitable Life Des Moines, Iowa, 1867. 

P. M. Casady, F. M. HubbelL, 

Excelsior New York city, 1867. 

Samuel T. Howard, Sidney Ward.- 

Eagle and Albion British, 1807. 

Sir James Buller East, Jeremiah Leycraft, Agt,, N. Y^ 

European Association British, 1820. 

Frederick Smith, George M. Knevitt, Agt., N. Y. 

Franklin Indianopolis, Ind., 1867. 

James M. Ray, Edward P. Howe*. 
Fraternal Mutual New York. 



28 LIFE ASSURANCE COMPANIES. 

General L. & Accdt. Mut'l Ins. Co. Newark, N. J., 1 867, 

Isaac Pomeroy, John G. Drew. 

German Mutual Cincinnati, O., 1862. 

H. Hemmelgarn, H. A. Ratterman. 

German Mutual , St. Louis, Mo., 11857. 

Charles W. Horn, Arthur Olshausen.. 

Germania - ... New York city, i860. 

Hugo Wesendonck, Frederick Schwendler. 

Girard Philadelphia, Pa., 1836. 

Thomas Ridgway, Pres. 

Globe Mutual New York city, 1864. 

Pliny Freeman, Henry C. Freeman.. 

Great Western New York city, 1865. 

Robert Bage, E. Dwight Kendall.. 

Guardian Mutual New York city, 1859. 

Walton H. Peckham, Henry V. Gahagan. 

Hahnemann Cleveland, O., 1865. 

H. M. Chapin, Asher S. Mills. 

Hartford Life & Accident. . . Hartford, Conn., 1865. 

Thomas J. Vail, James P. Taylor* 

Home New York and Brooklyn, 1 860 

Walter S. Griffith, George C. Ripley* 

Home Mutual Cincinnati, O., 1867. 

Orren E. Moore, Charles H. Frost. 

Hand-in-Hand Mutual Philadelphia, Pa., 1867. 

Nicholas Rittenhouse, James G. Dixon. 
Homeopathic New York city. 

Hope Covington, Ky., 1865. 

George W. Holmes, John Crofton.. 

International, British, 1837. 

Edmund S. Symes, John G. Holbrooke, Agt.. 



LIFE ASSURANCE COMPANIES. 20, 

John Hancock Mutual Boston, Mass., 1862. 

George P. Sanger, George B. Ager. 

Kentucky Mutual Covington, Ky., 1866. 

J. C. Beck, A. C. Dunlap. 

Knickerbocker New York city. 1853. 

Erastus Lyman, George F. Sniffen. 

Liverpool, London, & Globe . . British, 1836. 

J. A. Tobin, Alfred Pell, Agent, N. Y. 

Missouri Mutual St. Louis, Mo., 1867. 

Theron Barnum, George H. Bender. 

Maryland , . Baltimore, Md., 1866. 

George P. Thomas, A. K. Foard. 

Manhattan New York city, .1850. 

Henry Stokes, J. L. Halsey. 

Massachusetts Hospital Boston, Mass., 1818. 

George W. Lyman, Moses L. Hale. 

Massachusetts Mutual. Springfield, Mass., 1851. 

Caleb Rice, F. B. Bacon. 

Mississippi Valley , , . Covington, Ky., 1866. 

J. W. Finnell, A. H. Ransom. 

Mutual New York city, 1842. 

Frederick S. Winston, Isaac Abbatt & J. M. Stuart. 

Mutual Benefit. . . Newark, N. J., 1845. 

Lewis C. Grover, Edward A. Strong. 

Mutual Chicago, 111, 1 865. 

Merril Ladd, Charles B. Holmes. 

Michigan Mutual Detroit, Mich , 1 867. 

John J. Bagley, John T. Liggett, 

National Capital , . . . Washington, D. C, 1867. 

Joseph F. Brown, G. Alfred Hall. 

Nashville Nashville, Tenn., 1867. 

John M. Bass, J. W. Hoyte. 



3° 



LIFE ASSURANCE COMPANIES. 



National Life Insurancc Co. .Philadelphia, 1868. 

C. H. Clark, E. W. Peat. 

National of Vermont Montpelier, Vt., 1850. 

J. Y. Dewey, George W. Reed. 

National . .. . - New York city, 1863. 

Edward A. Jonas, John A. Mortimore. 

National Travelers', LifeDept. New York city, 1867. 

James R. Dow, J. H. Taylor. 

New England Mutual Boston, Mass., 1835. 

Benjamin F. Stevens, Joseph M. Gibbens. 

New Jersey Mutual. ........ Newark, N. J., 1865. 

Joseph P. Bradley, William M. Simpson. 

New York . New York city, 1841. 

Morris Franklin, William H. Beers. 

New York State Syracuse, N. Y., 1866. 

John J. Peck, George J. Gardner. 

North America New York city, 1862. 

N. D. Morgan, J. W. Merrill. 
North American Life & Ac'dt, Philadelphia, Pa., 1864. 
Lewis L. Houpt, S. P. Darlington. 

North Western Mutual.. .. Milwaukee, Wis., 1859. 

S. S. Daggett, A. W. Kellogg. 

New York L. & Trust. .... New York city, 1830. 

David Thompson, Philip R. Kearney. 

Provident Fund & Life New York city, 1867. 

John Slosson, J. E. Conant. 

Penn Mutual Life Philadelphia, Pa., 1847. 

James Traquair, H. S. Stephens. 

Pennsylvania Co. for Ins. on Lives, &c. Phila., Pa., 1812. 

Charles Dutilh, Pres. 

Phcenix Mutual . . . , Hartford, Conn., 1851. 

Edson Fessenden, James F. Burns. 



LIFE ASSURANCE COMPANIES. 3 I 

Provident L. & Trust Co.... Philadelphia, Pa., 1865. 

Samuel R. Shipley, Pres. 
Provident L. & Investment . . Chicago, 111., 1865. 

Ira Y. Munn, C. Holland. 

Piedmont Real Estate Life Ins. Co., Montreal, Va., 1867. 
William C. Carrington, J. J. Hopkins. 

Royal British, 1845. 

Charles Turner, A. B. McDonald, Agt., N. Y. 

San Francisco San Francisco, Cal. 

Security New York city, 1862. 

Robert L. Case, Isaac H. Allen. 

Southern Memphis, Tenn., 1866. 

G. W. McCarn, Benjamin May. 

Southern Mutual Columbia, S. C, 1850. 

W. F. DeSaussure, F. W. McMaster. 

Southern Life & Trust Mobile, Ala., 1866. 

Robert S. Bunker, S. C. Donaldson. 

Southern Mutual Louisville, Ky. 

J. Lawrence Smith, L. T. Thustin. 

St. Louis Mutual St. Louis, Mo., 1858. 

D. A. January, William T. Selby. 

State Mutual • Worcester, Mass., 1846. 

Isaac Davis, Clarendon Harris. 

Standard New York city, 1867. 

Henry A. Elliott, James L. Dawes. 

Travelers' Ins. Co., Life Dep't, Hartford, Conn., 1866. 
James G. Batterson, Rodney Dennis. 

Union Central. . , Cincinnati, O., 1867. 

John Cochnower, N. W. Harris. 

Union Mutual of Me Boston, Mass., 1848. 

Henry Crocker, Whiting H. Hollister. 



32 LIFE ASSURANCE COMPANIES. 

United States New York city, 1850. 

John Eadie, Nicholas De Groot. 

Universal New York city, 1865. 

William Walker, John H. Bewley. 

United States Mutual-. LaFayette, Ind., 1867. 

R. H. Milroy, George Williams. 

Washington New York city, i860. 

Cyrus Curtiss, William A. Brewer, Jr. 

Western , . Cincinnati, O., 1866. 

William Resor, O. W. Ballard. 

Widows & Orphans Benefit.. New York city, 1864. 

Charles H. Raymond, Henry B. Robinson. 

World Mutual New York city, 1866. 

George L. Willard, Charles W. Plyer. 



THE SCIENCE OF LIFE ASSURANCE. 



OME grand foundation principle 
lies at the base of every science. This 
we know to be true of theology,, medi- 
cine, jurisprudence, political economy 
and the like. 

Now, what is the fundamental prin- 
ciple of Life Assurance, as a Science ? 
It is this : — the Law of Average. 
>'b We will make this plain. 

By the word law (as law of nature, law of 
gravitation, and the like) is meant, the regular 
method by which certain effects follow certain 
conditions, or causes. When we have ascer- 
tained hoiv, or in what manner, or in what relative pro- 




34 THE SCIENCE OF LIFE ASSURANCE. 

portion, certain effects follow certain causes, then we say 
we have found out the law regulating such and such 
things : as when observing men determined the laws regu- 
lating electricity, the tides, steam, trade, falling bodies, 
and the like. 

Now, is there a law regulating the rate of mortality, or 
the falling of human lives in the aggregate ? We should sup- 
pose so, beforehand, since nothing seems left to chance. 
Every thing appears to be governed, controlled, regulated : 
only sometimes the law, or rule, respecting the occurrence 
is too hidden to be detected. It is generally agreed that 
what we call chance is merely direction not understood, 

te All nature is but art unknown to thee, 
All chance direction which thou canst not see." 

Just how many and what kinds of accidents (as they afe 
called) and crimes, even, will occur among a given popula- 
tion during a year, for instance, can be determined with 
certainty beforehand. Just how many letters will be mailed 
undirected (from haste or carelessness in correspondents) 
out of any large number of letters, can be known before- 
hand, on the ground that what has occurred will recur. 
Again, it is demonstrated that just such a relative number 
of white and black balls, in a given number of drawings, 
will be taken from an urn where they are mixed promiscu- 
ously. This has been found out by actual experiment, 



THE SCIENCE OF LIFE ASSURANCE. 35 

Or, throw into the air some thousand times a number of 'pen- 
nies, say fifteen hundred. It can be reckoned beforehand 
just how many "heads " and how many fc tails," in the whole 
number of throwings, will be up or down. Nothing would 
be more uncertain than whether it wou'd be " head " or 
f 'tail" in one throwing of one penny; but the average in 
many throwings of many pennies can be got at exactly. 

We should expect, then, that there would be a law regu- 
lating the falling of human lives, so that we could average 
them, or get the proportion of them; — so many out of such 
a number falling in a given time. 

And this we find to be the case. The duration of any 
one life cannot, of couse, be known ; but that of a multi- 
tude of lives is easily ascertained. Or, to change the ex- 
pression, nothing is more uncertain than the duration of 
individual life : nothing is more certain than the average 
continuance of life. In the same age and same country the 
rate of mortality from pestilence, war, &c, &c, may vary ; 
but even these variations are doubtless governed by fixed 
laws ; and looking at all periods and all countries., the vari- 
ation does not exist. 

The facts proving these statements have been brought to 

light by the study of statistics. For upwards of 200 years., 

tables have been kept in different parts of the world, to a 

greater or less extent, showing the births and deaths of indi' 
2* 



$6 THE SCIENCE OF LIFE ASSURANCE. 

viduals. These are generally called tables of mortality ; 
and upon these the duration of life has been calculated with 
almost unerring accuracy. 

By these it is ascertained, for instance, that if we take 
10,000 persons in the prime of life, 1,200 will die the first 
ten years; 1,500 the next ten ; 1,700 the next ten; and so 
on till all have passed away. 10,000 persons at the age of 
25 years will attain the age of 62 years on an average; at 
the age of 35, 65 years ; at the age of 45, 68 ; at the age 
of 55, 71. The average age at death of all born, is about 
33 years. Or we may say that any 1,000 persons in ordi- 
nary health at the age of 25 will yet live to average about 
37h vears each; at the age of 30, about 34J ; and at the 
age of 35, just 31 years each ; and so on. 

Now, calculations having reference to money values may 
clearly be made upon any circumstances sure to recur. Hav- 
ing, then, before us, the probability of death in each year of 
age, we have only to charge each individual that sum which 
is the aggregate of the present values of the cost of insurance 
for each successive year of life, and we have what may be 
termed the cost of assurance. If one lives longer than those 
assured with him, he helps those who die early: if he dies 
early, they help him. In this way a perfect average is se- 
cured, which, being based on accurate and sufficient life- 
tables, is just as reliable as the equilibrium of the planets. 



THE SCIENCE OF LIFE ASSURANCE. 



37 



The deficient payments of those who die early are com- 
pensated for by the additional payments of those who live 
longer. Of course, to the actual cost of assurance, there 
must be added office and other expenses, use of capital, 
a surplusage for security, etc., and all these put together 
make up what are called the rates of assurance, rendering 
it safe to issue policies at these charges, whether for the 
whole term of life, or for a certain period, on the endow* 
ment plan. 

The following, from the pen of an unknown writer, is a 
pretty lucid statement of the theory and practice of Life 
Assurance : 

All Insurance is but the taking upon many the risk of one, 
so that if he loses what he insures they collectively shall 
make it good to him. If they be a thousand, his loss di- 
vided among so many hurts nobody ; while if it had fallen 
upon one only it would have ruined him. Say, for example, 
that one thousand persons, at the age of thirty, assure each 
other for life to the amount of $1,000 each, and that each 
pays for this protection a yearly premium of $23.60. The 
collective premium will make $23,600. The casualties the 
first year will be probably eight, so that instead of the soci- 
ety having to pay back the whole $23,600 which they have 
received, they would have to pay back but $8,000. This 



38 THE SCIENCE OF LIFE ASSURANCE. 

will leave, with accrued interest at four per cent., $16,544 
on their hands to meet subsequent losses, and this fund with 
future premiums, as fast as received, will be put out at in- 
terest. The next year sees the business renewed in favor 
of nine hundred and ninety-two survivors, of whom a like 
number will die during the second year, say eight persons. 
To the heirs of each of these again is paid $1,000, collect- 
ively §8,000. The third year sees nine hundred and eighty- 
four survivors whose premiums bring in $23,222. Once 
more, an increased number of these, or nine, die during the 
third year, and $9,000 is paid to their representatives. The 
fourth and each following year proceed in like manner until 
about the sixty-fifth year they will in nearly every case all 
have died, and a thousand times $i 7 ooo will have been paid 
them; that is 81,000,000. 

To the individual, then, Life Assurance holds out pro- 
tection ; and to the capitalist, the profit of taking those 
chances of life and death which the individual must not run, 
and can fairly pay to have lifted from his shoulders ; as is the 
case when one takes advantage of fire or marine insurance. 



BSr^#BmHISwI 


^^^^^^fiO 


C^Pli 




^S^^^^^^^Tg^QL m 





THE PRACTICE ELUCIDATED. 



[EDUCING to practice the theory *& 
explained in the foregoing chapter, 
7 there are a few points that may require 
^sS^JfX further elucidation. 

V-^T? The working plans of companies dif- 
fer. While all are based upon the same 
fundamental principles, they are organized 
upon different systems, and vary in the con- 
ditions adopted, and in the detail and appli- 
cation of benefits. Thus, there are joint- 
s' stock companies, strictly so called, in which a 
capital is furnished as security to the assured, by 
individuals who receive all the profit or surplus 
premiums of the business, as a remuneration for the risk and 




40 THE PRACTICE ELUCIDATED. 

use of their capital. And the mixed, or part proprietary 
company and part mutual, having also a joint-stock guar- 
antee capital, but allowing a portion of the profits, or all the 
profits, to policy-holders, -after deducting legal interest upon 
the guarantee capital. And the purely mutual companies, 
in which all the surplus, or profits of the business, belongs 
to the policy-holders in proportion to the premium they 
pay. There are also companies in which the payments of 
policy-holders are wholly in cash, and others where partial 
payment is maxie in notes. 

The matter of profits, dividends, &c, may also require 
some explanation. If there was but one invariable rate of 
mortality from which we could determine the exact number 
of assured persons who would die at each age ; if the rate 
of interest never fluctuated, and it could be precisely deter- 
mined per policy what the expenses of management would 
be, the rate of premium deduced therefrom would be, as 
we have previously stated, the exact value of the sum as- 
sured. But as it is impossible to obtain an absolutely accu- 
rate rate of mortality, and also to prevent the admission of 
jome bad lives, and as the interest of money is constantly 
varying, it is absolutely necessary, for the security of the 
Assured, to be certain that the premiums charged are suffi- 
ciently high to cover the risks incurred. Hence, the rates 
are expected to be somewhat higher than will eventually 



THE PRACTICE ELUCIDATED. 



41 



prove to have been necessary. Here is an income or 

source of profit. 

To this must be added several other sources of revenue. 

Id calculating interest the rates are assumed at 3 per cent. 

in Fngland, and in this country at 4 per cent. ; while a 

company, in fact, receives 6 or 7 per cent., often more. 

This is done by judicious investments, or loaning on good 

terms. These investments, of course, are drawing in- 
terest, which interest is again reloaned, making an invest- 
ment at compound interest. These interests are an accumu* 
lation to the benefit of the company ; which, in a few years, 
in a successful one, whose expenses are proportionate to their 
business, amounts to a large sum. Again, in order to cover 
expenses and still further to provide against all contingen- 
cies, the companies universally add to the rates obtained by 
calculation from correct tables of mortality, a loading of 
from 20 to 40 per cent. This is usually found more than 
is necessary, and forms another source of profit. Moreover, 
the lives which are assured are much better than the aver* 
age of lives upon which the tables of mortality are based, 
the average expectancy being increased by the judicious 
selections made by the office ; this consequently results in 
a profit. A profit is also acquired by the lapse, or loss, of 
policies from non-payment, and by the purchase of policies* 



42 THE PRACTICE ELUCIDATED, 

as the company always reserve a sufficient amount to indem- 
infy them for the risk already incurred. 

In these several ways, and others incidental to the busi- 
ness, it happens that all companies managed with prudence, 
accumulate a larger amount of funds than is necessary to 
provide for future losses. 

The adequacy of the premiums charged is tested by a 
ce valuation " of the income and liabilities of the Society, 
which the offices make at certain periods, and if it results 
that they have a surplus after putting by sufficient to meet 
every probable claim upon them, they then distribute their 
profits. All profits in purely stock companies are divided 
among the stockholders ; while in mutual and mixed com- 
panies they are distributed among the life members in an 
equitable proportion. In the distribution of surplus funds 
periods of three or five years have usually been preferred to 
shorter ones ; because the rate of mortality is generally 
supposed to be more uniform among a large number of per- 
sons, and extending over a long period. Some companies 
in England, for this reason, make their dividends only once 
in seven or ten years. In many companies, however, both 
In England and America, the dividends are declared annu- 
ally. The funds returned to the assured are generally dis- 
posed of as each may prefer ; either to reduce the annual 



THE PRACTICE ELUCIDATED. 43 

premium, or to the purchase of additional assurance without 
farther charge for premium (adding the dividend to the 
policy), or to abate the amount of future premiums, the sum 
assured remaining the same. 

A few words may be in place as to the lapse or surren* 
der of policies. It is sometimes complained by those wish- 
ing from any cause to withdraw from a company, that they 
do not get the full value of their policies. 

Professor De Morgan observes on this, " Among the 
sources from which the offices draw profit, are lapsed poli- 
cies. But what they receive by the lapse of the po- 
licy is not all profit ; but only that portion by which 
the premium for the whole life exceeds the premium 
for a temporary assurance. Every premium which is paid 
by an assurer contains the consideration given for the chance 
of his dying in each and every subsequent year. If, then, 
he remain a member of the office and stand the risk of death 
during a certain number of years, all such part of his pre- 
miums as was consumed for the risk of those years become 
due to the office and was taken by the office as compensa- 
tion for the risks, and cannot, therefore, be said to fall to 
them as profit upon the lapse of the policy. Two individ- 
uals,, A and B, go to the office on the same day, and assure 
their lives for the same sum, A upon his whole life, and B 



4.4 THE PRACTICE ELUCIDATED. 

for seven years. A pays, say £10 of premium, and B £7. 
At the end of seven years A allows his policy to lapse just 
at the time when B's policy expires by its own construction. 
What does the office gain by the lapse ? Evidently, the tem- 
porary annuity of £3 by which the two premiums differ. 
The £7 paid by A out of £10 is not more than sufficient 
to pay his share of the claims which arose during the years 
which he continued in the office ; the remaining £3 was a 
reserve for future years, which becomes profit to the office 
on his declining to stand the risks of these years. " 

This would seem to be sufficiently plain. The principle 
of assurance is, that the claims of those who die early are 
paid by the contributions of those who livelong ; therefore, 
if the xoliole of the premiums were returned to parties sur- 
rendering their policies, it might become impossible for an 
office to fulfill its engagements. 





THE MORAL ASPECT OF LIFE 
OPERATIONS. 

O view could be more incorrect than 
/FS\/ that life transactions are simply like 
other insurance transactions. They are 
of a far higher and more sacred charac- 
ter. They differ in these important re- 
spects. 

Other kinds of insurance, for instance, 
pertain to properly merely. A lire or 
marine insurance company deals simply with 
material objects — assumes risks upon houses, 
ships, merchandise. And then, again, its tran- 
sactions are with one party. They begin and 
terminate with the insured. 




46 THE MORAL ASPECT OF LIFE OPERATIONS. 

Not so with a Life Company. Here the operations 
touch human existence. They relate to its fall or continu- 
ance. That for which one will u give all that he hath" is 
the matter bargained about. A man may speculate in prop- 
erty, but how abhorrent the idea of speculating in human 
life ! A man may barter and banter where mere goods are 
concerned ; but what a degradation to bring life operations 
down to this low level ! A man may think lightly and 
speak flippantly of the destruction of barns and merchandise ; 
but of the end of earthly existence he is expected to enter- 
tain a degree of seriousness. 

Then, too, the Life office has to do with other parties 
than the assured. It is virtually acting for widows and or- 
phans. It assumes to be their almoner and protector. A 
husband and father entrusts to it what is expected to mature 
only at his death. If there be fraud or unfairness, it is at 
once against the dead and the living. The wrong takes 
place when the party originally dealt with cannot set up a 
defense for the innocents ; since he is no more one among 
them. And those for whom he toiled, and planned, and 
sacrificed, are now deprived at once of their just rights, and 
of the fruits of his efforts. Their sustenance is taken from 
before their mouths. The table is bare, where love, in anti- 
cipation, spread a bounteous repast. The guardians of the 
now defenseless ones have become their despoilers. How 



THE MORAL ASPECT OF LIFE OPERATIONS. 47 

rould there be a grosser wrong — a more aggravated wicked- 
ness ? 

Viewed in this light, how high the obligations which a 
Life office assumes ! How sacred its trusts ! And, conse- 
quently,, how honorable and how elevated should be its 
aims and operations ! 

Now, an agent is expected to be the exponent of this 
moral dignity which ought to invest transactions in life. 
He is the representative of these transactions. Men form 
their ideas, not only of his particular Company, but of Life 
Assurance itself, from him. Any act of an Agent which is 
not honorable? has a direct tendency to dishonor himself 
and all his fellow-laborers. And not only this, it brings 
odium upon the whole institution. It poisons the system 
of Life Assurance, and works so much towards its ruin. 

For these reasons, a Life Agent ought to be the very 
highest style of a man. What a fire, or marine, or bank- 
ing or other agent may be, is nothing to him. He is to be 
much more than is expected of others. There is to be in 
him more of conscience ; more of genuine goodness; more 
of the powers of honest persuasion; more of the capacity 
to appreciate and to use those motives which appeal to the 
higher and finer sensibilities. 

And we earnestly maintain that Life Assurance will never 
realize its best capabilities, until it is practically elevated to 
the high moral position here assigned to it. 



48 THE MORAL ASPECT OF LIFE OPERATIONS. 

In the following chapter, the aim has been to analyze and 
set in order, and to inculcate the principal elements which 
constitute a permanently effective agency. 




<^^ 



THE QUALITIES OF A GOOD AGENT. 



We Appreciates Wis Work. 

NE can generally form a pretty accurate 
opinion of a Life Company by an ac- 
quaintance with its agents. The good 
agent understands and appreciates this: 
fact, and also that men will judge of the 
whole system of Life Assurance by him. 
Accepting an appointment, therefore,, he 
feels his responsibility. He has high ideas 
his work. He looks upon it as benefiting 
ty assured, by giving to him quiet of mind ; 
by inducing habits of economy, sobriety, and fore- 
thought ; by setting before him an honorable- 




50 THE QUALITIES OF A GOOD AGENT. 

motive to action and enterprise, and by leading him to the 
discharge of a sacred duty. 

He considers that his efforts are helping to rid the com- 
munity of poverty and its frequent attendants — vice and 
crime. And also that he is strengthening the sinews of so- 
cial life by every policy he obtains. And what is more, 
that he is befriending the poor and needy; wiping sorrow 
from eyes dimmed with tears, and deserving the tribute of 
gratitude awarded to one of old : " When the ear heard 
me then it blessed me, and when the eye saw me it gave 
witness to me ; because I delivered the poor that cried, and 
the fatherless, and him that had none to help him. The 
blessing of him that was ready to .perish came upon me,. 
and I caused the widow's heart to sing for joy." 

An eminent minister once said : u Were I to leave the 
ministry, I should take an agency for Life Assurance ; for I 
consider that it, next to direct religious efforts, is doing 
most to benefit society." And a very high authority — the 
Hon. Elizur Wright, late Insurance Commissioner of Mas- 
•sachusetts — says : ee Among the honorable workers in the 
civilized world, to whom the public as well as the assured 
will die indebted, we give faithful and successful Life 
Assurance Agents a high place; and no held that we know 
of is more inviting to an ambition that would devote the 



THE QUALITIES OF A GOOD AGENT. CJ I 

best of talent to the benefit of society at large, and individ- 
uals in particular." 

To have such a conception of the value and dignity .of an 
agent's vocation, is an important point gained. In such a 
case, where the motives of worldly policy are pleasantly 
mingled with higher moral considerations, and all these 
blend together in the beautiful philosophy which constitutes 
the chief charm of Life Assurance, the business of an agency 
will be both agreeable and successful. But without this 
appreciation of his work 3 how can an agent expect to suc- 
ceed ? How can he have faith in it, and impart to others 
confidence and interest in it ? If he does not appreciate its. 
benefits,, how can he forcibly place them before others ? 

As a first thing, then, let an agent endeavor to rise up to 
a just estimate of the value and the moral grandeur of his 
undertaking. (See also, on this, page 43, etc.) 



2. fiE is Moved by Wigh Impulses, 

A WRITER observes that some agents walk about 
like apprentices to an undertaker, proclaiming in 
sepulchral tones the uncertainty of life, &c., and they 
never succeed ; while some of the jolliest fellows in exist- 
ence are very successful agents, because they carry sound 

3 



$2 THE QUALITIES OF A GOOD AGENT. 

and well-balanced minds, with a love of their fellow man, 
and can appreciate and feel the motives that will sway those 
with whom they come in contact. 

We have seen men acting as agents, who seemed to feel 
that they were doing a mean sort of work, and needed to 
beg pardon of all creation for being about such work — for 
being alive, we had almost said, — whereas, they may 
well hold up their heads, and go oat to their task animated 
by the very highest motives of philanthropy and moral 
obligation. 

One should look upon his business in the light already 
presented, as a great public benefit, and feel that it does not 
detract from his being a promoter of the general good of 
mankind because he gets a living by his labor. He who 
does the state a service while at the same time earning an 
honest livelihood, is deserving of double honor, first because 
he promotes the public weal, and next because he secures- 
his dependents against want. 

Let a Life Agent, then, feel self-assured and confident. 
He need not depreciate his calling, as compared with any. 
other business or profession whatever. Merchants, law- 
yers, physicians, school-teachers, secretaries and agents of 
benevolent societies even, are often doing less to scatter 
benefits throughout the human family, than are honest and 
efficient Life Agents. Far be it from them to feel that thev 



THE QUALITIES OF A GOOD AGENT. 53 

are palming off something that is not worth what is paid as 
an equivalent, and infinitely more too. If not now, some 
time, blessings will be pronounced upon them. 



O 



3. Wis Weart is Enlisted. 

F a celebrated living actress, whose powers are worthy 
of a better cause, it has been written — 



" We listening weep ; but every burning drop 
Flows from thy heart, ere falling from our eyes." 

To make others feel, we must first ourselves feel. Deep 
conviction is contagious. It wins its way. ' It speaks in the 
eye, the looks, the tone. Other things being equal, a 
man's force in impressing others is in the ratio of his own 
heart-force. Says Goethe : 

"Persuasion, friend, comes not by toil or art; 

Hard study never made the matter clearer : 

'Tis the live fountain in the speakers heart 

Sends forth the streams that melt the ravished hearer. 

Would you, then, touch the heart, the only method known 

My worthy friend, is first to have one of your oivn." 

All this applies well to a Life agent. If he loves hi c 
work ; if he puts his heart under it, look out for results ! 
To do much, he must be full of it. A Secretary once 



54 THE QUALITIES OF A GOOD AGENT. 

wrote to a newly-appointed agent : " Your very boots must 
creak the name of your Company !" It reminded us of the 
advice of Dr. J. W. Alexander to a ministering brother, as 
to having his heart enlisted in sermonizing : f f Live for your 
sermon. Live in your sermon. Get some starling to cry — . 
f Sermon! sermon!'" 

No class of men ever propagated a great interest, and 
carried it through to victory, who did not first wed it, and 
wholly cast in their lot with it for better or for worse. 

All effective agents have fC Life Assurance on the brain." 
They spring to their task with an elastic and buoyant spirit. 
Write it down as a rule, that no man ever does much who 
is not enthusiastic in his profession or business — who does 
not think his enterprise, whatever it be, the greates'., or at 
least one of the greatest, and most important in the world. 
Only then are his energies untiring. Only then does the 
fire in his own soul kindle upon the souls of others. 



4, We is Active and Industrious. 

WHEN a lady once asked Turner, the celebrated 
English painter, what his secret was, he replied : 
" I have no secret, madam, but hard work/' This ly a se* 
cret that many have never learned, and from this cause 



THE QUALITIES OF A GOOD AGENT. 55 

they don't succeed. Labor is the genius that changes the 
world from ugliness to beauty, and the greatest curse to 
one of the greatest blessing. 

It is eminently true in Life Assurance, that ff the hand 
of the diligent maketh rich:" while "idleness clotheth a 
man in rags." 

There is no way of getting on well in a Life agency, 
short of absolutely hard work, and the devotion of time 
to it. The agent must be a man not only to c strike the 
iron while it is hot/ but as Cromwell said, c to make the 
iron hot by striking.' "Pen et peu," — little by little — is 
a motto to be hung up in the agents' office. Or this : 
6c Only work wins." 

Luther was once asked how he found time to translate 
the Bible, His reply was, u I did a little every day." And 
Beethoven, when fifty-two years of age, wrote to his friend 
Wegeler, " My maxim has always been nulla dies sine linea 
— (no day without a line), and if I allow my muse to slum- 
ber, it is only that she may awake with fresh vigor." 

A Life agent accepting such sentiments is on the road to 
success 



$6 THE QUALITIES OF A GOOD AGENT.. 



5. fiE is Courageous and Deter- 
mined. 

ONE should not accept a Life-agency until he has 
made up his mind to succeed. It has its difficulties 
and discouragements. But you must remember that a man 
can hardly be expected to jump into any splendid business 
at once. Very few agents are as successful as they could 
desire at the outset. One of the most efficient agents in 
the country worked diligently for six weeks before he took 
his first risk; but he said, " I am bound to succeed." 
During the next three months his commissions were over 
twelve hundred dollars. 

ff The wise and active conquer difficulties 
By daring to attempt them ; sloth and folly 
Shiver and sink at sights of toil and hazard, 
And make the impossibility they fear." 

The old Crusaders used to say, " Faint heart never won 
fair lady." Another adage in everybody's mouth declares 
that ee Fortune favors the brave." 

That famous educator, Miss Mary Lyon, of South Had- 
ley, Mass., used to say to her pupils, "If you commence 
teaching and do not succeed, teach till you do succeed" 

If the agent gets sorely disappointed in cases where he 



THE QUALITIES OF A GOOD AGENT. 57 

was confident, let him nevertheless remember the lines in 
the Loves of the Angels : 

ec Hope's precious pearl in sorrow's cup 

Unmelted at the bottom lay. 
To shine again when, all drunk up, 

The bitterness should pass away." 

A newly-appointed agent once said, when finding it 
hard to get a start, and to make both ends meet in living,. 
ce I will share a dry cracker with my wife sooner thai? 
give it up !" We scarcely need add that he had a per 
manent success. 

Here one may well write over his office-dour General 

Grant's famous dispatch, ' c I will fight it on this line," etc. 

or the couplet of Sir Walter Scott : 

ff Come one, come all — this rock shall fly 
From its firm base as soon as I." 

Never, in a solitary case, have we known an agent to 

complain of a lack of business, if he patiently vvnt at it 

with full faith that 

fe In the bright vocabulary of youth 
There's no such ivord as fail !" 



58 THE QUALITIES OF A GOOD AGENT. 

6. We has Tact and Discrimination. 

THE great thing in assuring men is to use that partic- 
ular argument at the right moment which will gain 
the object. Or, which is the same thing, to say just what 
will carry conviction and lead to immediate and conclusive 
action — and nothing more. Of some men in urging assur- 
ance it may be said, 

fC ■ His zeal 

None seconded, as oat of season judged, 
Or singular, or rash" 

Some agents presume too little. Better take for granted 
that the man you approach to ill assure. Better assume that 
he is ready. Approach him saying, ee Here is something 
for your interest ; something you want ; perhaps the best 
thing you ever met with," Tell him what it is, and act as 
if you expected him to close up the matter at once. 

Some agents tallc too much. Never is a flood of words 
more out of place than in urging Life Assurance. Dortt 
talk the man to death ! Let him have time to breathe, and 
breathe yourself. Watch the motions of the countenance. 
Trace the workings of the mind. Mark what pleases. 
If you have made a point, don't unmake it. Now be 
cautious in speaking ! One indiscreet remark just at this 
moment may be fatal to your purpose. 



THE QUALITIES OF A GOOD AGENT. 59 

Some agents explain too minutely. They are too fear- 
ful — scrupulous,, shall we say — lest the man shall not see 
everything about the whole subject. So they must argue 
and demonstrate, until the man's mind is confused, or 
rendered indifferent. Aim to persuade, to move, rather 
than to convince. Very likely he believes in assurance 
now. Address yourself to the one work of leading him on 
into it. 

At a meeting of solicitors the question was once raised : 
ci What tables do you find most popular ?" One replied : 
" I never ask c what table do you prefer V I tell him ichat 
table he wants, and go about assuring him ! I get out 
the application, and ask for his full name, and hold the 
pen to write it down ; and so carry the man right along 
with me till the thing is completed !" 

Oftentimes a bold move of this kind is most successful. 
In other cases things must proceed with greater delibera- 
tion. At any rate, don't commit the man if there is 
danger of a refusal. Don't hear it, if given ; but leave 
the matter for some other time. 

Let an agent, in these and other particulars, study human 
nature, and acquire tact and discrimination. If thoughtful 
and attentive, he will be sure to acquire it, and much 
more readily than he may imagine. 



60 THE QUALITIES OF A GOOD AGENT. 

7. He Speaks the Truth. 

"First in the glories of thy front 
Let the crown-jewel Truth be found." 

REQUESTING of an officer in a Life Company to 
name a subject for an article to agents., he said, 
" Write on this : How to get along icithout lying" And 

he added, " Agents will lie ! — they tell anything that suits 
their purpose — and this gives a bad name to the whole 
business." Certainly this is far from being true of all 
agents, but it is true of too many. 

It is high time that Life Agents set their faces against 
this practice of deception. They may rest assured that 
here, as everywhere, (c honesty is the best policy." 

cc A man of sense will artifice disdain, 
As men of wealth may venture to go plain." 

In the end misrepresentations are pretty sure to be visited 
upon the offender's own head ; so that 

ec They that act unjustly 
Are the worst rebels to themselves." 

And how abhorrent the idea of trifling with the confi- 
dence of men, and so misleading and deceiving them that 
they shall hereafter say : Cf He is dishonest ; I would not 
believe him under oath ;" as one was lately heard to say of 



THE QUALITIES OF A GOOD AGENT. 6 1 

an agent who had told him what proved to be untrue in 
respect to his premiums and dividends. 

Benjamin Franklin is often quoted as authority for the 
value of Life Assurance, and very properly so. But Frank- 
lin said, "Let honesty be as the breath of thy soul." 



8. We has a Good Reputation. 



o 



F an agent's veracity men ought not only to be able 
to affirm, 

What he says 



You may believe, and pawn your soul upon it;" 
but they ought to be able to compliment him throughout 
as a thoroughly honest and true man. 

The remark has been made by somebody, concerning 
writers, that "it makes all the difference in the ivorldwho 
is behind the pen." If we know that a writer or speaker 
is tricky, scheming, hypocritical, or corrupt, we refuse to 
be influenced by him. On the other hand, it is remark- 
able what weight the words of a man of character have. 

All this is equally true in business success. And hence 
the reputation of an agent in the community should be 
unequivocally good. It will be found a ehief element of 
strength. Let him aim to be an honor to the Company he 
represents remembering that it will be judged of by Mm, 



C)2 THE QUALITIES OF A GOOD ACENT. 

and that he should do nothing to derogate from its good 
name, or from the reputation of Life Assurance in general. 
Let him be strictly temperate, and in all respects so bear 
himself that even his opponents will be compelled to say, 

(C Pve scanned the-actions of his daily life 

With all the industrious malice of a foe, 

And nothing meets mine eyes but deeds of honor." 



9. j^E is Agreeable in Man- 
ners. 

TREATING everybody in a respectful way, is one 
o{ the surest means of getting on in the world. It 
costs but little, and is worth a great deal. A buffoon, 

cc Fit for the mountains and the barbarous caves, 
Where manners ne'er were preached," 

is out of place in a Life Agency. Coarseness, vulgarity, 
looseness of conversation, repulsive manners — all this is dis- 
graceful, and a serious drawback upon success. 

• So honorable and beneficent is the vocation of a Life 
Agent, that we instinctively demand in him a correspondence 
to the portraiture, 

;c Tho' modest, on his unembarrassed brow 
Nature had written e Gentleman.' " 
We demand that he shall be 

ei — For courtesy, behavior, language, 
And every fair demeanor, an example." 



THE QUALITIES OF A GOOD AGENT. 03 

The pen-picture of a quaint writer, sketching the true 
gentleman, is worthy of the study of a Life Agent : 

u He is above a low thing. He cannot stoop to a mean 
fraud. He invades no secret in the keeping of another. 
He betrays no secrets confided to his own keeping. He 
never struts in borrowed plumage. He never takes selfish 
advantage of one's mistakes. He uses no ignoble weapons in 
controversy. He never stabs in the dark. He is ashamed 
of inuendoes. He is not one thing to a man's face., and 
another behind his back. He may be trusted out of sight 
— near the thinnest partition — anywhere He buys no 
offices, he sells none, he intrigues for none. He would 
rather fail of his rights than win them through dishonor. 
He will eat honest bread. He tramples on no sensitive 
feeling. He insults no man. If he have rebuke for 
another he is straightforward, open, manly. He cannot 
descend to scurrility. In short, whatever he judges honor- 
able he practices toward every man." To such gentlemanly 
bearings as this, large tolerance will be yielded, even under 
the most persistent urgency. 



64 rHE QUALITIES OF A GOOD AGENT. 

10. j^E is Devoted to his Calling, 

LIVE MEN are nowhere more needed than in Assur- 
ance Agencies. They are a necessity in a commu 
nitv, and probably always will be, because men will not 
spontaneously go Into Assurance. Instruction, persua- 
sion, reminding them of an imperative duty,, is essential. 
Here is room for the perpetual play of an agent's best 
powers. Unless he stir up men, a great obligation is passed 
by unnoticed. There is no adequate substitute for activity 
among assurance agents. The public is practically inca- 
pable of performing its duties without the continual urgency 
of individuals whose interest it is to importune men to do 
themselves justice. And it is surprising how much a few- 
energetic minds — one energetic mind, even — may do to- 
wards informing and exciting the public on this subject. 

Agents often distrust their ability to succeed in the busi- 
ness of Life assurance to such an extent as will warrant 
them in devoting their whole time to it, and so they make 
small gains by other means. But the lesson of experience 
is, that in order to succeed, all the tact, ability, and energy- 
must be concentrated on this one work. 

The essential thing is that the agent be absorbed in his 
vocation. The largest powers become weak when divided 



THE QUALITIES OF A GOOD AGENT. 65 

and dissipated among many aims. Inferior powers are 
mighty when concentrated. It is very seldom that a man 
does different things well. Life agents who have rolled up 
for themselves a splendid income, have not done it by car-' 
rying on other matters at the same time. They took up 
Life Assurance as a business for life / and they prosecuted 
it with singleness of aim, and an absolute concentration 
of their best faculties. 



11. Wis Interest is in One Com- 
pany. 

UNLESS it is specially understood at the time 
an agent receives his appointment that he has 
liberty to solicit applications for other companies, it is ex- 
pected that he will ivork exclusively for the company 
appointing him. The reason is plain. No agent can do 
full justice to any one company when he is equally inter- 
ested in advocating the claims of one or two more. He 
should have his preferences in order to make others have 
theirs. And the loose, scattering way of offering one thing 
or another with equal recommendation, is injurious to all 



66 THE QUALITIES OF A GOOD AGENT. 

parties. A high authority remarks, that cf however it may 
appear to a novice in the business, it is the uniform testi- 
mony of agents who have had large experience in Life As- 
surance,, that it is far best to bring all the ability and en- 
thusiasm one can command to the advocacy of the claims of 
a single company." 

12. Careful in Selecting Risks. 

IT cannot be too deeply impressed upon the mind of 
an agent, that poor risks are a damage both to himself 
and to the company. The officers watch the losses as 
closely as they do the business of the agent. Some men se- 
cure a large number of policies, and at the same time are 
careless as to the selection of the risks; and the result is that 
the ratio of the losses througn that agent exceed that of the 
average ratio of the company's risks; and so in the end 
he is dismissed in digrace, and loses the benefit of his labors, 
and also his position as a life agent; while those who have 
done a much smaller business, and done it carefully, are 
strengthened in the confidence of the company, and perma- 
nently retained. One loss in your new field may more than 
counterbalance the profits of your agency for a year In 
every way show to the Company that they can rely upon 
your judgment 



BEGINNING THE BUSINESS. 



f 



ERSONAL 



Outset 



ANYASS AT THE 




EFORE one can become a successful 
manager of a Life Agency, he must have 
had actual ivor/c in getting applica- 
tions. This is beginning at the bottom. 
Nothing can compensate for the lack of 
« this lesson at the feet of that best teacher, 

Experience. 
A beginner in the business must therefore 

1 begin here. He will in this way learn more 
in a few days than he would in weeks of theo- 
rizing. Let him take right hold of canvassing, 
without stopping for anything. Let him try his 



68 BEGINNING THE BUSINESS. 

hand at it, and learn how to use his tools by using them. 
If you are timid, doubtful, strike out ! 

" Tender-handed stroke the nettle, 
And it stings you for your pains ; 

Grasp it like a man of mettle, 
And it soft as silk remains." 

And remember the saying of a French author : cc It is 

the first step that costs. 99 That is the difficult one. Take 

that ; take it rightly, and half the trouble in starting business 

is got along with. 

2. A Policy on his Own Life. 

A CIVIL engineer once had finished a complicated 
railroad bridge, when many speculated and doubted 
as to its strength. Mounting a huge engine, he ordered it 
out upon the bridge, and crossed and recrossed at full 
speed. He thus gave proof of his faith in his own structure. 

A Life agent is expected to do likewise. If asked ff Are 
you assured in this Company ?" it would be a sorry answer 
if obliged to say " no !" But if he can say cc yes," it will 
act as an inducement to others. And all the better if he 
can say " I have a large policy;" naming a heavy amount. 

It should be added, that your taking a policy on your 
own life is evidence to the Company of sincere earnestness 
in accepting an agency. 



BEGINNING THE BUSINESS. 69 

It is also an excellent habit to carry your policy, (as well 
as a list of large policyholders and the sums they are assured 
for,) in your pocket, and show it on suitable occasions, 
pointing out its provisions and advantages. 

3. Familiarity With Life Assur- 
ance. 

LEISURE hours should now be employed in ee read- 
ing one's self up" as to Life Assurance : — its origin, 
history, science, and a thousand other facts and particulars. 
Reports of 'Commissioners' are valuable. A monthly 
Assurance Journal will be found stimulating and rewarding. 
An agent should not be a novice. If he shows familiarity 
with his business it gives other persons confidence in the 
Company he represents. Then,, too, one perfectly familiar 
with his business, and the relations which exist between 
the assurer and assured, has the power to enforce the 
advantages of the whole system of Life Assurance to the 
conviction of his friends in a manner at once agreeable and 
pertinent. It requires no great power of persuasion to 
induce people of ordinary prudence to insure their property 
against destruction by fire or water, but it does require 
some power of persuasion, and appropriateness of illustra- 
tion, to induce one to take a life policy. 



-JO BEGINNING THE BUSINESS. 

Hence, if one would be master of his business, he must 
be a round-about, full, broad-minded, and ready man. 



4. Posted as to his C 



OMPANY. 



IT is especially necessary that an agent understand all 
about the Company he represents. Its strong points 
should be appreciated, and kept prominent. We know 
agents who say very little, but come right to the special 
advantages offered by their Company, and generally carry 
their case. 

Where objection is made that in this or that particular 
some other company surpasses yours in advantages, the agent 
must be able to give facts. Hence, he should know, and 
be ready to produce whatever considerations will relieve 
the apparent difficulty or objection. From this it will be 
seen how important it is to be thoroughly posted on the 
comparative merits of his own and other companies. 



5. Wis A/Ledical Examiner 

WHERE the agent has the selection of his medical 
examiner, one of undoubted skill and soundness 
of judgment should first of all be sought. If to this be added 



BEGINNING THE BUSINESS. J I 

agreeable manners, and a pleasant way of approaching and 
handling men, rather than a brusque, cold, repulsive way, 
as is sometimes the case, it will be a valuable qualification ; 
for the bearing of the medical examiner has a great deal 
to do with making it pleasant for applicants. 

The agent should also, if possible, induce the physician 
to take a policy in the office employing him. And where 
this is not possible, he should use every endeavor to interest 
the examiner in the success of the agency, and secure 
his influence and co-operation. In many cases, the con- 
sulting physician will give the agent a Use of his patrons, 
and his card as an introduction. It is a great point gained 
if the doctor be thus enlisted as your helper. 

Get the medical examination made at once after obtain- 
ing each proposal. See that your doctor attends to it with- 
out delay. 



6. Acquaintances Registered and 



y 



ISITED. 



SOON as a start is thus obtained, the agent should 
make out a complete list of all his friends and 
acquaintances, and set about the work of seeing and address- 
ing them personally: — perhaps sometimes sending, in 



72 BEGINNING THE BUSINESS. 

advance, a card, circular, or office-book. He should not 
overlook or neglect doubtful cases, for the most unlikely 
are often the first to assure. He should count no visit lost- 
Where it is not convenient for the party to give you a 
hearing now, the interview had better be deferred. There 
is no use in pressing the matter upon a man's attention 
when his head is full of something else, or when he is in a 
hurry, or in bad humor. There may be persistence with- 
out giving offense, or provoking a rebuff. And however 
coldly received, or even insulted, bear it, and when it comes 
around right, try it again. By all means, never allow your- 
self to be annoyed; keep your temper on all occasions, and 
at all times cc learn to labor and to wait." Always endeavor 
to leave a good impression. It will be of value to you at 
some future time. 



j. Making New Acquaintances. 

PERSONAL acquaintance with men is your great 
stock in trade. By every suitable means this 
should be extended. If starting business in a city or vil- 
lage where you are not generally acquainted, it will be well 
to turn to the banks, public societies, companies, and asso- 
ciations of various kinds, as found advertised or registered 



BEGINNING THE BUSINESS. 73 

in the fly-leaves of the Directory, and thus ascertain the 
leading men of the place. Make out a list of those you 
do not know, and seek means and opportunities of favorable 
introductions to them. In time, you may approach almost 
every one of them. It is an advantage, also, to belong to 
literary and other societies. 



8. Getting Names for Refer- 
ence. 

ABOARD of local references can in most cases be 
readily obtained. But it is of great importance to 
secure the best known and most respectable citizens. You 
can frankly state to such that it would be an advantage to 
have the use of their names, and that you would like to be 
able to say they are assured in your company. This will 
be a motive that you can use in soliciting them to take a 
policy. Those to whom you refer should, if possible, be 
policy-holders in the company. In very rare cases (of 
highly distinguished persons) this rule may be departed 
from. 

But, whether holding policies in the company, or not, 
those to whom you refer should be carefully informed of 

the peculiarities of the companv, and enlisted in its behalf. 
4 



74 BEGINNING THE BUSINESS. 

To gain this point in respect to a particular individual is 
often worth any amount of effort. 



9. Treatment of other Agents. 

THERE can be no reason why agents of different 
companies residing in the same town should not, as a 
rule, be on good terms with each other. At any rate there 
should be no discourtesy between them, and all attempts to 
procure business by depreciation of other agents and com- 
panies will generally be to the detractor's disadvantage. 
Excepting where the unworthiness of a company, or its 
agent, is notorious, insinuations as to its being in cc a dan- 
gerous condition," and its officers being "unworthy to be 
trusted," and the like, prove an injury to Life Assurance 
generally, and, to say the least, are of doubtful temporary 
advantage. It is generally sufficient to show the excellen- 
cies of your own company. 




MANAGING THE BUSINESS. 

1. Order and Method in Every- 
thing. 

ET the agent keep in mind that cc order 
is heaven's first law." In the office 
there should be ee a place for everything 
and everything in its place." A slov- 
enly appearance in the office is indica- 
!w£J tive of careless habits generally. 

An agent's books should be systematized 
and well posted., so that he can turn to any 
point in a moment. Every possible fact 
should there be properly recorded ; such as his 
^? accounts with the company, and with each policy- 
holder, and the residence, &c.,&c, of the latter. 




j6 MANAGING THE BUSINESS. 

And it is very desirable to devote a particular part of 
each day, regularly, to canvassing. Without this one 
may do business ; ivith it, he must do it. 



p' 



2. Relations to the Wom: 

EVERY good agent will feel a pleasure in acquiescing 
with the Company's rules and regulations respecting 
agencies. He will be prompt and regular in all reports and 
remittances. He will be frank and honorable, eschewing 
all double-dealing, secret negotiations with other compa- 
nies while he is supposed to be acting in good faith for his 
own, and the like. He will write to the President, or Gen- 
eral Agent, confidentially, and show in every way that 
he has the company's interest at heart. Whatever affects 
the company's standing or success, he considers as affecting 
him. He feels closely identified with it, and therefore 
works for it with a zest. If the least misunderstanding 
arises, he is quick to have it explained and made right. At 
the same time, if there be any points connected with the 
business that he does not clearly comprehend — such, for 
instance, as the various methods of assurance offered, the 
mode of dividing profits, etc., he does not remain in doubt, 
but writes at once for information. 



MANAGING THE BUSINESS. J J 



3, Satisfied with Terms, 

SOME agents are given to perpetual uneasiness as to 
terms, and better chances, etc. But it should not be 
forgotten, that what is for the agent's interest is for the 
company' s interest ; and that therefore it is to be presumed 
that a company will deal liberally with its agents. What 
ever is reasonable will be pretty sure to be granted. 

And an agent may settle this in his mind : that what 
ever he is worth he will in the end fetch. If he proves 
himself worthy of a better chance, he will be sure to get it. 
The thing for him to do, then, is to shoiv that he can do 
Life business. This is the only thing he need concern 
himself about at the outset. He only asks a foothold — a 
chance to demonstrate that he has capacity for this work. 
If it is in him it will be sure to come out; and he will soon 
find his level and get as good a position somewhere as he 
deserves. Two lines in Addison's Cato may well be 
remembered : 

ce 'Tis not in mortals to command success ; 

But we'll do more, Sempronius — we'll deserve it I" 



jS MANAGING THE BUSINESS. 

4. Prompt Delivery of Policies. 

THE delivery of policies should be made as soon as 
possible after they come into the hands of an agent. 
Delay may bring a change of mind on the part of an appli- 
cant. A large proportion of returned policies would have 
been taken if agents had promptly and personally attended 
to their business. 



5. Renewals and Rejections. 

WHEN a payment is to be made upon a policy, it 
affords an opportunity for the agent to congratulate 
the assured upon his good investment ; to inquire if he does 
not wish to increase the amount, and if he cannot name 
some of his friends who might desire to take out policies. 

Where a party is rejected from want of sufficiently good 
health, it is well to ease over the disappointment as far as 
possible ; to advise that he see the medical examiner some 
other time ; and to express the hope that he will yet be able 
to forward a good application. 



MANAGING THE BUSINESS. 79 

6. Welping the Hesitating. 

YOU will come in contact with many men who never 
can decide to assure. They are convinced, and all 
but ready to act. But unless helped, they will never " cross 
the Rubicon." In such a case, get out your forms of pro-' 
posal, ask for pen and ink, (or, better still, carry a portable 
ink-stand with you,) and commence rilling up the form by 
asking the full name, etc., etc. An experienced agent remarks 
that you will find that nineteen men out of twenty will 
allow you to decide for them that which they would delay 
for months, or even years, if left to decide it for themselves. 
At the same time, with some men it will not do thus to 
assume that they are ready. You must wait their motion. 



7. Filling out Applications. 

READ carefully the directions printed on the margins 
of the application, or elsewhere, as to particulars, 
and write out the applications with extreme care, as this 
application is the basis of a contract upon which possibly 
widows and orphans may depend for their all. You have 
no right to peril it by haste or carelessness; or to subject 
the Company and yourself to delays and annoyances from 
the same cause. 



SO MANAGING THE BUSINESS. 

In filling out the application, write replies to every ques- 
tion distinctly. Insert the full Christian name, both of the 
applicant and of the person whose life is to be assured. 

The signatures must always be the full Christian 
names. All incomplete and incorrect applications will be 
returned to you. 



8. ^.bsign if Doing "Nothing. 

COMPLAINTS are often made by companies, that 
agents who do little or nothing do not throw up 
their commissions. It is but fair that an appointee either 
discharge the duties of his office, or vacate it in favor of 
another. Otherwise, important ground will be unoccupied, 
and the company will suffer harm from the impression which 
men get that it is doing no business. 

A dead agency is worse than none. When a live man 
subsequently takes hold of it, he finds its antecedents a 
serious obstacle. He had a thousand times rather begin 
anew. 

The moment, then, that the agent becomes satisfied that 
he cannot successfully fill the place, he should signify it 
to the Company. 



ENLARGING THE BUSINESS. 



Widening One's V 



IELD. 



4* 



PON hearing a minister complain that 

his u field was too narrow," a brother 

replied, " Then why don't you enlarge 

it?" Better advice could not have 

been had. The same counsel might 

f) with profit be given to many a man 

occupying a Life agency which he deems 

" too contracted." On that same field some 

other man might be reaping a splendid har- 

vest. 

It is all a mistake (we speak as a general rule) 

to imagine that nothing can be done in a given 

place because there are {e too many companies 




82 ENLARGING THE BUSINESS. 

operating there/' or u the people are pretty much all as- 
sured," or there is "too little money in circulation ;" or 
something like it. In one sense, the more companies the 
better. The mind of the community will likely be stirred 
up to the matter of assurance, which is an important con- 
sideration. 

The more people know of this subject the more they will 
like it. Life Assurance will one day be as common as fire 
insurance ; and you may just as well think of exhausting or 
overdoing the one as the other. We had rather go into a 
community where there are a dozen companies, than where 
an agent had never been, and Life Assurance was wholly a 
new thing. In fine, no matter what the character of the 
field is, well directed effort will produce satisfactory results. 
It is not so much the field as the man. 



2. Striking fof^ Large Policies. 

MANY agents err in not aiming high enough when 
soliciting policies. It is usually well to name a large 
sum, even if it be rejected. It will help to expand one's 
ideas, and secure him for a respectable amount. 

And again, it is a great mistake to pass by the rich, and 
be always working at men with small means. *' Nothing 



ENLARGING THE BUSINESS. 



venture, nothing have." Try that man of independent 
means. Don't be afraid ! If you secure him, it will make up 
for many failures. Remember that one policy of ten 
thousand dollars is worth ten policies of a thousand dollars. 
Besides this, it gives standing to your company to iden- 
tify with it those who are in affluent circumstances. 



3. Depending on u Machinery." 

IT is a trite remark of some one, that cc the best way 
to do a thing is to do it !" While some men are getting 
ready to work, and " operating " their machinery, others 
will step in and accomplish the same thing without any- 
body's knowing it. An English writer says: ff there are 
two kinds of agents. Some of them mean well, yet they 
think they must have a very large amount of stationery, and 
plates on their doors, and boards on houses, and large bills 
to stick about the town, and they are constantly asking for 
something of this kind. On the other hand, there is 
another class of agents who do little of this sort of thing. 
They remind us very much of the owners of two barges 
which got aground near London Bridge. One of them got 
a large number of horses, and brought all their strength to 
bear upon one of the barges, and tore it to pieces ; the 



84 ENLARGING THE BUSINESS. 

other watched for the tide, and when it rose seized the 
opportunity, and took it safely, with sails and helm, into 
harbor. Now, what we want agents to do is to seize oppor- 
tunities, seek for them, and when they find them, not to 
make a great noise, but do the work right up." While one 
agent may be purling his office in every newspaper in his 
neighborhood from year to year, the working agent is 
steadily and noiselessly accumulating a large business. 

4. Editorial Notices. 

AND yet we would by no means despise helps and 
auxiliaries in getting business. One of these is local 
(and if possible editoral) notices in the papers. It is very 
rare that this cannot be brought about; if not directly, then 
through the influence of other parties. One good editorial 
notice is worth a year's advertisement in the business col- 
umns. By all means induce the editor to take a policy, if 
the thing is possible, so that he can say " We are assured 
in this Company." 

5. Use of Office-Books, etc. 

JUDICIOUS distributions of these is desirable. 
If the Company is wholly unknown in the com- 
munity, show-cards, circulars, office-books, annual state- 



ENLARGING THE BUSINESS. % $ 

ments, &c, may be freely given away. In many cases, 
however, in getting an application, no reading matter will 
be serviceable. We know agents who, as a rule, just take 
the tables of the Company in their hands and go out and 
get business — very rarely using any other printed matter. 
But where one will cc think about it," it is wise to give him 
something to read, especially if it explains and enforces the 
assurance of life. So far as documents of any kind are really 
effective, they are a cheap investment. And they should 
be put into the hands of those already assured, as well as- 
the unassured. This will increase their confidence, and in 
many cases they will show them to their friends. 



6. Influence of the Minister 

LIFE agents should cultivate the acquaintance of the 
clergy, and by every suitable means endeavor to 
secure their influence. In most cases a minister will give a 
note of introduction, or a general letter commendatory of 
the agent and his Company. Often, too, a pastor will fur- 
nish a list of the members of his parish most likely to assure. 
It is of great importance to effect an assurance upon the 
minister's life. Where he is unable, or disinclined, some 
one of his parishioners may be induced to take up the mat- 



26 



ENLARGING THE BUSINESS. 



ter and raise the premium, and make a present to the pastor 
of a policy. Suggest this to some one of the members. 



7. Sunday- School Teachers. 

BECOMING associated with the Sunday-school will 
not only extend one's usefulness in general, but en- 
hance his success as an agent. It gives him a standing in 
the community,, introduces him to young men of enterprise 
and growing influence, and identifies him with the congre- 
gation and its leader. 



8. Profiting by Deaths of Assured, 

WHERE a life falls in the community with an 
assurance upon it, especially if it is of great advant- 
age to the surviving members of the family,, particulars 
may be profitably obtained, and the circumstances com- 
mented upon. Perhaps the relatives and friends may be 
induced to assure. 



ENLARGING THE BUSINESS. Sj 

9. Same of the Unassured. 

VERY few communities do not furnish examples 
where a life policy upon the deceased parent would 
have been a God-send to the afflicted household. It is not 
only proper to refer to such cases,, but an agent is derelict 
in duty if he does not interpret and apply such providences 
as a warning against the neglect of Life Assurance. Sudden 
deaths give especial point to such appeals. 



10. New Attention to Canvass- 
ing, 

1 

THE memorandum book may now be profitably re- 
filled with names of friends,, and names of those 
whose acquaintance may be cultivated. It is ever to be- 
borne in mind,, that personal canvass is the one sure clue 
to a growing success. All other means put together will 
not amount to so much as the single matter of intelligent 
activity. Indeed, unless backed by activity they are of no 
avail. That which pays, and pays with compound interest, 
is the direct grapple of the agent's mind upon the mdi* 
vidual minds of the community. 



SS ENLARGING THE BUSINESS. 

Write this down as an axiom : c * Assurance will not 

COME INTO MY OFFICE ; I MUST GO OUT AND INVITE IT IN *,, 
I MUST, I WILL, SOLICIT, SOLICIT, SOLICIT ! " 



11. HE /ViOTIVE OF fATRONAGE, 



The Motive of P 



A SHREWD agent will make every business relation 
tell upon his assurance business. The merchant, the 

mechanic, the banker, the physician, the grocer, the tailor, 
the printer, may reasonably be solicited to take a policy on 
the consideration of your patronage. If approached in a 
delicate way, no man will think the less of you for suggest- 
ing this. It is a fair business transaction. 



12. Never without Blank Appli- 
cations. 

P I AHE hunter does not go into the woods and fields 
-*■ without ammunition. Neither should the Life agent 
cross the threshold of his office without being in a condi- 
tion to " produce the documents,'' in case they are wanted. 
The neglect of this simple precaution has lost many an 



ENLARGING THE BUSINESS. 89 

agent more than one application. While going for the gun 
the game fled ! Be always ready to say, cc Well, let us fix 
it right up now ! 1 here's no time like the present ! " 



13. Recommending New Agents. 

IT is expected of an agent to keep an eye out for stir- 
ring business-men, adapted to a Life agency, who might 
like to change their occupation. These he will recommend 
to the Home Office for appointment, in case they are wanted 
either in his own or some other field. If he meets with 
agents of other companies who desire to dissolve their pres- 
ent connection, it is proper to mention it ; but it is not honor- 
able to try to induce them to change companies. 



14. Operating through a Bosses, » 

ETC. 

IN large business or manufacturing establishments, it is 
important to get the good-will of the principal head 
(and assure him if possible), and so obtain favorable access 
to those in his employ. Very often, also, the superintend- 
ent or foreman of a concern is a more useful friend than 



gO ENLARGING THE BUSINESS. 

even the principal. Or one of the clerks or common work- 
men may, by proper influences, become of very great ad- 
vantage in introducing the agent to his associates in the 
shop or the warehouse. 



15. Soliciting the ^Intimate 



is. 

Friend. 



f' 



THIS is a most favorable way of introducing the sub- 
ject of assurance ; and the fact that a particular 
acquaintance has obtained a life policy, will often be a suffi- 
cient inducement for him at least to look into the subject of 
assurance. At the same time, he will naturally think well 
of the company to which his friend has given the prefer- 
ence. When practicable, get those about to be assured to 
go with you to their friends, introducing you, and com- 
mending to them Life Assurance, and the company you 
represent. This has great weight. 

16. Convincing the Wives. 

OFTENTIMES women are less favorable to Life As- 
surance than men. Many a wife absolutely opposes 
the husband's getting a policy. And others are indifferent 



ENLARGING THF BUSINESS. 9I 

to it, and, at least, do not press the matter till it is accom- 
plished. It will be well to remind such wives that multi- 
tudes of their number are suffering to-day from this indif- 
ference, or opposition, or, perhaps, foolish superstition; 
that multitudes will be sorry for it but once, and that is, 
always. At the same time, urge the tender motive of 
love to their children. 



17. Looking after the Newly- 



JA 



ARRIED. 



WE lately heard a sensible newly-married husband 
say, that from the time of his marriage until he 
placed an endowment life-policy of §5,000 in his desk, he 
had not drawn a free breath. He felt how totally desti- 
tute his wife would be, in case of his death ; and he saw 
no way of meeting his obligation to provide for her support 
(which he had solemnly pledged himself to do), except by 
means of Life Assurance. When this was effected, he felt 
easy. Using such an example, an agent, calling on the new- 
ly-married, may also suggest how admirable a present to a 
bride a handsome life-policy would be. It will be well to 
precede the call by sending documents, showing the impera- 



gZ ENLARGING THE BUSINESS. 

tive duty of every married man to assure. Make the ac- 
quaintance of those about to marry, before the consumma- 
tion of the event ; this will render your chance a better one. 



18. /VLaking Each Assured a 

tELPEF^ 



Jil 



IV he be wise in enlarging his business, an agent will be 
particular to enlist in his interest, so far as he can, 
erery one who takes a policy. In some cases, a slight com- 
pensation may ensure effort in this direction. But in other 
cases the offer of this would have a contrary effect. Here 
is room for wisdom and good sense. But it is highly de- 
sirable that an agent have numerous influences around him" 
silently operating to his advantage. 

19. Applying to Those Already 
Assured. 

WITH some agents it is enough to find that one is al- 
ready assured. How much better to congratulate 
him, and ask, cc Would you not like to increase the 
amount ?" and if for life, propose an endowment policy. 



ARGUMENTS IN URGING ASSUR- 
ANCE. 

^7 RECISELY the motive to be urged in 
a given case, cannot, of course, with 
$ certainty., be specified. Each agent 
k- must choose and use his own special 
argument. We know agents who very 
seldom use more than one, e. g., that 
of an investment. Others make the endow- 
jip tnent feature a specialty. A wise agent will 
soon see which motive is most effective, and 
in the main use that. Business arguments will, 
as a rule, effect far more than sentimental argu- 
ments. The argument that tells may, in many indi- 
vidual instances, be a very weak one in itself, but if it an- 




94 ARGUMENTS IN URGING ASSURANCE. 

swers the purpose, it is everything. The illustration used 
may be homely, but if it effects its object it is superior to 
the most elegant metaphor. Confine yourself to a few 
strong points, and always present them in words so clear 
that any one can understand them. 

We enumerate a variety of considerations, all of which 
are fair and legitimate motives in urging to action. 

i. Scripture and Duty. 

SCRIPTURE declares, " If any man provide not for his 
own, especially those of his own house, he hath denied 
the faith and is worse than an infidel." And this provision- 
obviously should be made to extend (as it may by Life As- 
surance), beyond the possible fall of the parent's own life. 
It is not enough to feed his household daily while living. 
So far as he can do it, he is bound to see that a table is 
spread for them when he may no more sit beside it. Just 
then may they most need this provision. 



i 



MMEDIATE PROVISION. 



PROVISION for one's dependents should, obviously^ 
be immediate. The old-fashioned slow way of 
"laying up something for a rainy day," has proved itself 



ARGUMENTS IN URGING ASSURANCE. 



95 



(alas, too often), wholly defective. Death does not wait 
for these slow accumulations. Not one in ten thousand, 
in the old way, lays by a competence for his family. 



3. Tt is Found Were. 

LIFE assurance is an immediate provision. It secures 
a fortune instantly. The moment a policy is made 
out and executed, that moment the family is secure against 
the worst of ills. You may die the next hour, but a fund 
beyond all question will come to their relief. 



4, The Only Method Known, 

\ SSURANCE of life is the only immediate provision. 
•*• ■*■ In this respect it stands alone. Prof. E. Wright, 
of Massachusetts, truly remarks that "Life Assurance 
possesses exclusively the power of creating at once an 
adequate provision against the destitution of dependents in 
case of death." Therefore, no other mode of accumula- 
tion is equal to this. 



9^ ARGUMENTS IN URGING ASSURANCE. 

5. Uncertainty of Life. 

THE risk from the uncertainty of life may be urged.. 
Refer to examples, and to the statistics of 
sudden deaths. Urge that one knows this — must admit it ; 
and should act on it. Put the case thus : "The chance oi 
your dying within the year is two per cent., while the chance 
that your dwelling will burn within the year is less than a 
quarter of one per cent. There are, therefore, eight chances 

THAT YOU WILL DIE WITHIN A WEEK tO ONE THAT YOUR HOUSE 

will burn within the same time ; yet you will hasten on the 
wings of the wind to insure the latter, and fold your arms 
with perfect indifference to the former !" 



6. Possibility of Sickness. 

MENTION the possibility of sickness, making it im- 
possible to get a policy. Specify cases. Urge im- 
mediate action lest it be lamented when it is too late. 
(c When the cold shiver runs through the frame, and the 
fevered tongue, and the short cough appear, it is too late 
<x> rush to the assurance office and offer yourself for exam- 
ination ! " 



ARGUMENTS IN URGING ASSURANCE. gj 

7. Family Affection, 

AFFECTION to one's family is a strong motive. Find 
out particulars as to the wife, or children, and appeal 
to the wish to please them and do them good. You may often 
appeal on the ground of love for a dear child. The father's 
heart is tender, though the man be made of stone. The ap- 
peal may run thus : 

cf Would you not at this moment make sure a patrimony 
to your wife, or child, if you could ? The instrument is 
within your reach ! It is a Life-Policy ! " 



8. A Social Obligation. 

IT is a political and social duty to assure. Refer to its 
influence upon social life ; the solidity it imparts 
to all institutions ; and the protection it affords to in- 
dustry and labor. Besides this, no person has a right to ex- 
pose his family to the necessity of public support. It is a 
wrong to the public. By this means, too, one can be in 
a condition to have his debts paid, which he is solemnly 
bound to do. 



gS ARGUMENTS IN URGING ASSURANCE. 

g. Its Beneficence. 

ERE is a way to do good. Allude to the relief it 



H' 



pours so abundantly upon the bereaved and sufferings 
and to the countless benefits it scatters along the pathway of 
human life. Show that by this means pauperism and its fre- 
quent consequence, crime, are greatly lessened ; and that 
genteel pauperism (the most cruel form in which the evil 
appears), can be entirely removed. 



10. A Means of Self-Protec- 
tion. 

LIFE Assurance has two features : — beneficence and 
self-protection. As to the latter, it is found in an 
endowment policy : by which one secures a certain sum to 
be paid to himself at a given age, if he live to that age, or 
if he die earlier, to be paid when he dies, to his heirs. In 
this v/ay provision is made for a time when one's energies 
fail, and he may need money rather than be called upon to 
pay it out, as on a life-policy. Said an old merchant 
who failed in 1861 : ee Had I taken an endowment policy 



ARGUMENTS IN URGING ASSURANCE. 99 

thirty years ago I should not have felt the premiums from 
year to year, and I should have saved something to support 
me in my old age, which I could do in no other way." 

Urge that hundreds of our best business men are now 
practically showing their appreciation of this form of life as- 
surance. 



11, Variety of Uses. 

THE uses and advantages of a life-policy may be pre* 
sented as a motive. The case may be put thus : 
ff How convenient for an honest young man, for instance, 
to turn over a life-policy as security for money which he 
loans, and which he is sure to pay back if he lives. Cred- 
itors can assure the lives of their debtors, as a security fox 
their claims. A man with incumbrances upon his property 
may assure to the amount of them, to secure their ready 
payment at the expiration of his term policy, or at his de- 
cease. A young man may raise money to complete his ed- 
ucation, or to buy a stock of goods, or tools, or a farm, by 
assuring his life and assigning the policy as contingent secu- 
rity :" and the like. 



lOO ARGUMENTS IN URGING ASSURANCE. 

12. A Good Investment. 

VERY few investments are as profitable as this. Show 
that many wealthy men are going into Life Assurance 
merely because it is a good operation They say, cc It is the 
best investment we can make : for in fact it combines 
the advantages of a Life Assurance,, a Savings' Bank, and a 
safe Investment." Some of them are carrying policies for 
$25,000, $50,000, $100,000; and one man is known 
to be assured to the amount of $250,000. These 
are among our shrewdest business-men. Show, also, how 
many a valuable business has been sacrificed by the inability 
of a widow to wait until a fair price could be obtained, 
owing to ready money being required. If a merchant, show 
how valuable a policy becomes at a time of pressure as col- 
lateral security. And how, in a long lifetime, it becomes 
an investment paying a reasonable percentage for capital. 
And, also, how he can provide for his old age and for 
his family at the same time, by taking an endowment poli- 
cy. If he is a member of a firm, point out the value of a 
provision paid from the business funds on the first of two 
or three lives, thus securing a safe portion for the widow 
of the first deceased partner without crippling the con^ 
cern for those who shall be the survivors. 



ARGUMENTS IN URGING ASSURANCE. 101 

13. Increases Credit. 

IT increases one's credit and adds to his business reputa- 
tion. Reputation is money; and it is a mark of fore- 
sight, large-mindedness, and economy to assure. A mer- 
chant once advertised for a clerk. Out of two hundred ap- 
plicants for the place, he was influenced in favor of a par- 
ticular one by the young man's statement that he had kept 
a life-policy in force for five years. 



14. Personal Advantage:. 

SHOW that it develops the amiable and generous traits 
of character ; accustoms a man to think for others ; 
induces habits of industry, economy, and accumulation ; 
and, by relieving the mind from anxiety and over-exertion, 
promotes health and longevity. And then, what a comfort 
in fC the last of earth." How soothing and sustaining the 
reflection that an ample life-policy will insure the bereaved 
family against want. Well has a high authority remarked, 
that, if we gauge the suffering of one manly heart, for that 
single hour when the films of death are curtaining his loved 
ones out of sight unprovided for, and remember how many 



102 ARGUMENTS IN URGING ASSURANCE. 

such agonies Life Assurance has prevented, putting happy 
and hopeful farewells in their stead, after prolonging life, 
perhaps, by lightening care, we shall be ready to justify the 
companies in any necessary expense. 

15. Joy to the Household, 

EXPLAIN how the whole family feels the sweet influence 
of Life Assurance. The daughter will not have to be 
kept from school to sew for a living. The son can get an 
education, or be set up in business. And even the group of 
little ones are more blithesome because papa has had re- 
course to the philosopher's stone that creates a capital in an 
instant. The wife rejoices in the calm reflection that God 
has opened to her and the children an effectual door of re- 
lief in case their natural protector and support is snatched 
away. And the husband feels that a load is off his mind. 
He is a new man. He has done his duty and has a right to 
trust God and be at peace. 



S 



16. A Dictate of Prudence. 

IMPLE prudence demands it. Doubtless one reason 



why mortality is regulated by a law, is, that we might 
provide against some of the worst calamities attending it. 



ARGUMENTS IN URGING ASSURANCE. IO3 

It is simply wicked to disregard such provisions ; just as if 
sewerage, disinfective agencies, vaccination, lightning-rods^ 
&c, were not used to prevent fevers, cholera, small-pox 
*md destruction by lightning. It were neglecting a providen- 
tial means of security. So here. And the time is sure to 
come, if it is not here already, when a man will be deemed 
just as imprudent to leave his life unassured as to neglect in- 
suring his property. And just as severe censure will be vis- 
ited in either case. 



17. Final Appeal. 

WHEN you have convinced the judgment, gather up 
all your powers to move the will. Grapple on to 
the man. Throw your soul into his soul, your will into his 
will. Kindly, but firmly, make him answer to his own con- 
science such questions as these : 

" Have I done my duty to my family? Have I done it 

tO the FULL EXTENT OF MY PRESENT ABILITY ? If I Were tO die 

to-night, would those who are dear to me be safe from the 
pangs of want ? Would my children have a comfortable 
home and means of education ? Would my wife be inde- 
pendent of the cold charities of the world? Would my 
estate pay my debts and leave a competency to my family ? 



104 ARGUMENTS IN URGING ASSURANCE. 

If not, must I not obtain a life-policy before I sleep, and so 
substitute the certainty of a snug patrimony for the un- 
certainty of the continuance of my life?" 

StSIP 3 If you assure one out of ten of those thus urged, 
you will do well, and have no reason to be discouraged; 
and, as to the remaining nine, you may have started in their 
minds new ideas on the subject, and some of them may 
eventually give you their applications. Therefore do not 
be disheartened by lack of immediate success. 




HOW TO MEET OBJECTIONS. 




F an objection is not started, do not 

make reference to it. Never anticipate 

difficulties by bringing them forward 

yourself; but be ready at every point 

fairly to meet them when presented We 

can only hint how this may be done, in 

a number of cases. 

l. Indebtedness. 

WHEN indebtedness is urged as an objec- 
tion, show its fallacy, e. g., thus : cc If you 
die with debts unpaid, where will your family be \ 
5*' 



106 HOW TO MEET OBJECTIONS. 

If you assure and die, your creditors may be paid at once. 
Did you ever hear the assignee of a bankrupt blame him. 
for spending money for a Life Assurance Policy? Never "' 



i. Well Off. 



IF one says he is well oif, show that the rich often become 
poor. Mention cases that the man has known. Also 
urge that at his death the family would need cash in hand. 
Thus : ec It might take twelve, eighteen, or twenty-four 
months for your executors to settle up your estate. Were 
you to die now, would they have enough ready cash left 
them to live in the style they now live in, and meet the ex- 
tra expenses incident to your decease ? You think not- 
Then procure a generous life-policy, which would be imme- 
diately convertible into money." 

3. Religious Scruples. 

SOMETIMES religious scruples exist. Show that reli- 
gion does not forbid, but enjoins, prudence. Allude 
to the practice ofjire insurance. Or, put the case thus : 
* f Who is most likely to worry about the fate of his wife 
and children — a man with a few thousands of dollars laid up 
for them, or one who has made no provision for them ?" 



HOW TO MEET OBJECTIONS. 107 

Rev. Dr. Cumming, of London, says: Cf The assurance 
of life is one of the most christian things that I know ; for 
what is it ? It is taking the load that would crush one fam- 
ily, and spreading it over twenty thousand families ; so that 
a mere drop lights upon each, instead of the overwhelming 
torrent failing upon one. It seems to me a beautifal illus- 
tration of bearing one another's burdens. And, therefore, 
let every young man entering upon life, every head of a fam- 
ily, whether high or low, set his house in order so fa* as to 
assure his life." 



4. Fears as to S 



AFETY. 



WHERE doubt exists as to the safety of Assurance, 
show that Life companies have stood secure ; that 
they cannot, if properly managed, fail ; and that such com- 
panies thrive even upon the ruins of other financial concerns: 
for, by the mishaps of others, money is increased in value, 
and it is in money that these institutions deal. 

Add, also, that in times of convulsions men rush into 
Life Assurance, thereby increasing the business of such in- 
stitutions, and making it profitable. (See, also, page 24.) 



108 HOW TO MEET OBJECTIONS. 



yf 



XPENSIVENESS. 



IF its expensiveness is talked of, show that it is not an ex- 
pense, but an accumulation. It is neither more nor less 
than an absolutely sure investment of whatever you can, by 
a well-considered economy, spare, in order to procure, upon 
the best terms, a sufficiency to support your family, or 
your own old age when it has grown helpless. But at any 
rate how little does it cost ! Ten cents a day amounts in 
one year to thirty-six dollars and fifty cents. This sum 
would secure a life-policy for a man aged twenty-three in 
the sum of §2,000; and if he should live to a good age the 
amount to be paid yearly, if anything, would be very small, 
or the amount and value of the policy would be largely in- 
creased. And add, cc Will you not use up your income 
anyhow? so that what you put in here isso much gained ." 

6. Making /Money Fast. 

WHEN one urges that he is vigorous and making 
money, insist that from the superfluity of the pres- 
ent he should provide for the possible imbecility and scarcity 
of the future ; as Joseph directed Pharaoh to lay up from 
the seven years of plenty against the seven years of famine. 



I 



HOW TO MEET OBJECTIONS. 1 09 

7. Assuring One's Self. 

F one says, " I can assure myself by taking the risk as 



cheaply as a company can do it for me," show that his 
may not be an average life as to duration; that the rate of 
mortality is only certain with respect to a large number of 
persons. 



8. The Savings Ban 



Jhb p 



K. 



WHEN the objection is that it is better to deposit 
small moneys in the savings bank, meet it thus : 
Even if you live, it were better to put them into a Life- 
Policy. Suppose a person to deposit $1,000 with a Mutual 
Life Assurance Company on the accumulative principle 
(that is, to purchase a fixed policy payable at death), and 
§1,000 with a good and reponsible Savings Bank. Mark 
the result running through the twenty-five intervening years 
of a person's life, from 25 to 50, as shown in this Table : 

HIS HEIRS WILL RECEIVE FROM 



£ he die at 
the age of 


The Savings Bank, 


The Assurance Cot 


30 . . 

35 ■ 
40 . . 

45 • 


. . $l,28o . . 
1,639 . 
2,097 . . 
2,685 . 


• • $3>4 2 5 

• • 3-665 

. . 3,885 

. . 4,087 


50 . . 


3^437 • ■ 


• • 5. 2 73 



HO HOW TO MEET OBJECTIONS. 

If, then, with equal security to the depositor, Life 
Assurance on the Accumulative principle pays a much 
larger sum to the family than would be paid by the ac- 
cumulations of a Sayings Bank, ought not this mode of in. 
vestment to be preferred ? 



9. Using Funds in Business. 

DOES the objector assume that he can better use his 
money in his business ? Put the case thus : cc Sup- 
pose your profits to be twenty-five per cent., or even double 
that : — no matter what your prosperity. Here is a trifling 
periodical payment which covers an enormous risk. It cov- 
ers the risk of your dying in the interim. Can your business 
do this, or anything approaching it ? Suppose, to take the 
strongest case, you put $50 in your business, and at the 
year's end it is likely to become $250. Yet, even then you 
had better put your fifty dollars in an Assurance company; 
for, should you die before the year's end, you would there- 
by have secured $2,000 for your family. If you live, so 
much the better ; thank God, and go on again, not for- 
getting to pay another premium in due time, lest during 
another year you should not be so fortunate." 



HOW TO MEET OBJECTIONS. 1 1 I 

10, No Family Ties. 

ALTHOUGH one has no family, and may not have 
one, show that money may be needed in advanced 
age, and so explain an endowment or an annuity policy. 
Also, that some relative may be benefited by a policy ; or 
that in this way he might like to will something to a be- 
nevolent or educational institution. 



ii. Inability to Continue. 

WHERE one fears he cannot continue payments, and 
so may lose all that is put in, reply, ee Have you 
not had the value of your money in the risk, as in a fire-pol- 
icy?" And better, fc Non-forfeiture prevents the possibility 
of losing what is put in:" (and so explain this beautiful ar- 
rangement.) 

12. Some Othef^_ Time. 

WHEN one says, fC I will think of it," it is well to re- 
mind him that procrastination is not only cc the thief 
of time," but the murderer of opportunity : that many a 
family is doomed to want from a similar delay of but a day 



112 HOW TO MEET OBJECTIONS. 

or an hour ; (refer to examples in American Manual of 
Life Assurance:) that a man was lately found dead with 
a blank application in his pocket, which he intended to 
fill out " to-morrow : " that this is a matter of the 
jirst importance, and one usually attends to important 
things first : that he would not leave his house, store, barn, 
or shop uninsured a day : and, finally, that to-morrow he 
may not be assurable, from possible indisposition, accident 
or death. Therefore, 

fC Shun delays ; they breed remorse ; 
Take thy time while time is lent thee. 
Creeping snails have weakest force; 
Fly their fault, lest thou repent thee. 
Good is best when soonest wrought, 
Lingering labors come to nought." 

(JSP** For answers to other objections (and these more 
fully), see American Manual of Life Assurance. 

USgP* If one will not be persuaded to assure, try to find 
where the sticking -point is, and remove the difficulty by 
arguing the case out clearly ; then, urge to immediate ao 
tion. 



CONVENIENT TABLES. 



SIMPLE INTEREST TABLE, 

ihowing the Interest at 7 per cent., for one year, payable in advance, on any Sum 
from One Dollar to One Hundred Dollars. 



Dol. 


Int. 


Dol. 


Int. 


Dol. 


Int. 


DoL 


Int. 


Dol. 


Int. 


$1 


$.07 


$21 


$1.38 


$41 


$2.69 


$61 


$4.00 


$81 


$5.31 


2 


.13 


22 


1.44 


42 


2.75 1 


6a 


4.06 


82 


5-37 


3 


.20 


23 


1. 51 


43 


2.82 


63 


4.13 


83 


5-44 


4 


.26 


24 


i-57 


44 


2.88 


64 


4.19 


84 


5.50 


5 


• 33 


25 


1.64 


45 


2.95 


65 


4.26 


85 


5-57 


6 


•39 


26 


1.70 


46 


3.01 


66 


4.32 


86 


5.63 


7 


.46 


27 


1.77 


47 


3.08 


67 


439 


87 


5.70 


8 


• 52 


28 


1.83 


48 


3.14 


68 


4-45 


88 


5. 76 


9 


.29 


29 


1.90 


49 


3.21 


69 


4.52 


89 


5.83 


10 


.65 


30 


1.97 


50 


3-23 


70 


4-59 


90 


5.90 


11 


.72 


31 


2.03 


5i 


3-34 


7i 


4.65 


9i 


5.96 


12 


•79 


32 


2.10 


52 


341 


72 


4.72 


92 


6.03 


13 


• 85 


33 


2.16 


53 


3-47 


73 


4-79 


93 


6.09 


14 


.92 


34 


2.23 


54 


3-54 


74 


4-85 


94 


6.16 


15 


•93 


35 


2.29 


55 


3.60 


75 


4.91 


95 


6.22 


16 


1.05 


36 


2. 36 


56 


3.67 


76 


4.98 


96 


6.29 


17 


1. 11 


37 


2.42 


57 


3.73 


77 


5.04 


97 


6.35 


18 


1. 18 


3« 


2.49 


5« 


3.80 


78 


5. 11 


98 


6.42 


19 


I.24 


39 


2.55 


59 


3.86 


79 


5.17 


99 


6.48 


20 


1. 31 


40 


2.62 


60 


3-93 


80 


5.24 


100 


6.56 



COMPOUND INTEREST TABLES— (over. ) 

Tabie I on the following pages shows the result of Compound Interest on the De- 
posit of One Dollar, for any number of years not exceding 100, at various rates. 
Table II shows the result of compounding an annual payment of One Dollar at the 
beginning of each year, for a term of years not exceeding 100. By the use of this 
Table one can ascertain what a given annual premium paid for any number of suc- 
cessive years will amount to at say six per cent. Multiply the annual premium by 
the sum opposite the number of years, under 6 per cent., in Table 11 ; this will give 
the desired result. The same rule applies in relation to Endowment Premiums. To 
ascertain what rate of interest has been realized by the payment in full of an annual 
premium for a term of years, divide the total amount of Policy with additions by the 
annual premium. Then find, in Table II, the number corresponding nearest to the 
quotient, in the line opposite the number of years the premiums have been paid. 
The rate of interest at the head of the column containing such number will express 
approximately the rate realized on the investment. By the combined use of Tables 
I and II, Results of Five, Ten, or Fifteen Payment Policies may be calculated for 
any term of years. 



I. COMPOUND INTEREST. 



Showing the Amount of $i improved at Compound Interest, for any number of years 
not exceeding ioo. 



Tears. 


| 

i 4 per Ct. 


4}4 per Ct. 


5 per Ct. 


6 per Ct. 


7 per Ct. 


8 per Ct. 


, 


! 

j 1 . 040000 


1 . 045000 


1 . 050000 


1 . 060000 


1.070000 


I.080000 


2 


1. 081600 


1.092025 


1 . 102500 


1. 123600 


1. 144900 


I . 166400 


3 


1 . 124864 


1. 141 166 


1. 157625 


1.191016 


1.225043 


I. 259712 


4 


1 . 169859 


1.192519 


1. 21 5506 


1 . 262477 


1. 3 10796 


I.360489 


5 


! 1. 216653 


1. 246182 


1.276282 


1.338226 


1.402552 


I.469328 


6 


■ 1. 265319 


1 . 302260 


1 . 340096 


1.418519 


1 . 500730 


I . 586874 


7 


1. 315932 


2.360862 


1. 407 100 


1.503630 


1. 60578 1 


1. 713824 


8 


1.368569 


1.422101 


1 -477455 


1.593848 


1.718186 


I.850930 


' 9 


1. 423312 


1.486095 


1. 551328 


1 . 689479 


1.838459 


I.999005 


10 


1 . 480244 


1.552969 


1.628895 


1.790843 


1.967151 


2.158925 


ii 


1 • 539454 


1.622853 


1. 710339 


1.898299 


2.104852 


2.331639 


12 


1. 601032 


1.695S81 


1.795856 


2.012196 


2.252192 


2.518170 


13 


1 . 665074 


1. 772196 


1 . 885649 


2.132928 


2.409845 


2.719624 


14 


1. 73 1676 


1. 851945 


1.979932 


2 . 260904 


2.578534 


2.937194 


15 


1 . 800944 


1.935282 


.2.078928 


2.396558 


2.759032 


3.172169 


16 


1. 87298 1 


2.022370 


'2.182875 


2.540352 


2.952164 


3.425943 


17 


1. 947901 


2.113377 


2.292018 


2.692773 


3.158815 


3.700018 


iS 


2.025817 


2.208479 


2.406619 


2.854339 


3-379932 


3 . 996020 


19 


2.106849 


2.307860 


2.526950 


3.025600 


3.616528 


4.3I570I 


20 


2.191123 


2.411714 


2.653298 


t 3.207135 


3 . 869684 


4.660957 


21 


2.278768 


2.520241 


2.785963 


3 • 399564 


4.140562 


5.033834 


22 


2.369919 


2.633652 


2.925261 


3.603537 


4.430402 


5.436540 


23 


2.464716 


2.752166 


3.071524 


3.819750 


4.740530 


5.871464 


24 


2.563303 


2.876014 


3.225100 


4 048935 


5.072367 


6.341181 


25 


2.665836 


3.005434 


3.386355 


4.291871 


5.427433 


6.848475 


26 


2.772470 


3 • 140679 


3.555673 


4.549483 


5.807353 


7.396353 


27 


2.883369 


3.282010 


3.733456 


4.822346 


6.213868 


7.988061 


28 


2.998703 


3.429700 


3.920129 


5.111687 


6.648838 


8.627106 


29 


3.118651 


3 • 584036 


4.116136 


5.418388 


7.II4257 


9.317275 


30 


3.243398 


3.745318 


4.321942 


5-743491 


7.612255 


10.062657 


3i 


3.373133 


3.913857 


4.538039 


6.088101 


8.145113 


10.867669 


32 


3.508059 


4.089981 


4.764941 


6.453387 


8.715271 


11.737083 


33 


3.648381 


4.274030 


5.003189 


6.840590 


9.325340 


12.676050 


34 


3.794316 


4.466362 


5.253348 


7.251025 


9-978ii4 


13.690134 


35 


3.946089 


4.667348 


5.516015 


7.686087 


10.676581 


14.785344 


36 


4.103933 


4.877378 


- 5.791816 


8.147252 


11.423942 


15.968172 


37 


4.268090 


5.096860 


6.081407 


8-636087 


12.223618 


17.245626 


38 


4.438813 


5.326219 


6.385477 


9.154252 


13.079271 


18.625276 


39 


4.616366 


5.565899 


6.704751 


9.703507 


1 3 . 994820 


20.115298 


40 


4.801021 


5.816365 


7.039989 


10.285718 


I4.974458 


21.724522 


4i 


4.993061 


6.078101 


7.391988 


10.902861 


16.022670 


23.462483 


42 


5.192784 


6.351615 


7.761588 


11.557033 


17.144257 


25.339482 


43 


5.400495 


6.637438 


8.149667 


12.250455 


18.344355 


27.366640 


44 


5.616515 


6.936123 


8.557150 


12.985482 


19.628460 


29.555972 


45 


5.841176 


7.248248 


8.985008 


1 3. 76461 1 


21.002452 


31.920449 


46 


6.074823 


7.574420 


9.434258 


14.590487 


22.472623 


34.474085 


47 


6.317816 


7.915268 


9.905971 


15.465917 


24.045707 


37.232012 


48 


6.570528 


8.271456 


10.401270 


16.393872 


25.728907 


40.210573 


49 


6.833349 


8.643671 


10.921333 


17.377504 


27 529930 


43.427419 


50 


7.1066S3 


9.032636 


1 1 . 467400 


18. 420154 


29.457025 


46.901613 



COMPOUND INTEREST, I.— (Continued.) 

Showing the Amount of $i improved at Compound Interest, for any number of years not ex- 
ceeding ioo. 



Years. 


4 per Ct. 


4}4 per Ct. 


5 per Ct. 


6 per Ct. 


7 per Ct. 


8 per Ct. 


51 


7. 39°95i 


9-439 io 5 


12.040770 


19.525364 


31.519017 


50.653742 


52 


7.6S6589 


9.863865 


12.642808 


20.696SS5 


33.725348 


54.706041 


53 


7.994052 


10.307739 


1 3- 27+949 


21.938698 


36.086122 


59.082524 


54 


8.31 3S14 


10.771587 


13 .93S696 


23.255020 


38.612151 


63.809126 


55 


8.646367 


11.256308 


14.635631 


24.650322 


41. 3 1 5001 


68.913856 


56 


8.992222 


11.762842 


15.367412 


26.129341 


44.207052 


74.426965 


57 


9.351910 


12.292170 


16.135783 


27.697101 


47.301545 


80.381122 


58 


9.725987 


12.845318 


16.942572 


29.358927 


50.612653 


86.811612 


59 


10. 1 1 5026 


13.423357 


17.789701 


31 .120463 


54.155539 


93.756540 


60 


10.519627 


14.027408 


18.679186 


32.987691 


57.946427 


101.257064 


61 


10.940413 


14.658641 


19.613145 


34.966952 


62.002677 


109.357629 


62 


11.378029 


15.318280 


20.593802 


37.064969 


66.342864 


118. 106239 


63 


11. 833150 


16.007603 


21.623493 


39.2S8868 


70-9S6865 


127.554738 


64 


12.306476 


16.727945 


22.704667 


41-646200 


75-955945 


137.759117 


65 


12.798735 


17.480702 


23-839901 


44.144972 


81.272861 


148.779847 


66 


13.310685 


18.267334 


25.031896 


46.793670 


86.961962 


160.682234 


67 


13.843112 


19.089364 


26.283490 


49.601290 


93.049299 


173.536813 


68 


14.396836 


19.948385 


27.597665 


52. 577?68 


99.562750 


187.419758 


69 


14.972710 


20 . 846063 


28.977548 


55.732010 


106.532142 


202.413339 


70 


15.571618 


21.784136 


30.426426 


59-075930 


113.989392 


218.606406 


7i 


16. 194483 


22.764422 


3L947747 


62.620486 


121.968650 


236.094918 


72 


16.842262 


23.788821 


33.545134 


66.377415 


130.506455 


254.982512 


73 


17.515953 


24.85931 8 


45.222391 


70.360378 


139.641907 


275.381113 


74 


18.216591 


25.977987 


36.983510 


74.582001 


149.416840 


297.411602 


75 


18.945255 


27.146996 


38.8326S6 


79.056921 


159.876019 


321.204530 


.76 


19.703065 


28.368611 


40.774320 


83.800336 


171. 067341 


346.900892 


77 


20.491187 


29.645199 


42.813036 


88.828356 


183.042054 


374.652964 


78 


21.310835 


30.979233 


44.9536S8 


94.158058 


195.854998 


404.625201 


79 


22.163268 


32.373298 


47.201372 


99.S07541 


209 . 564848 


436.995217 


80 


23.049799 


33.830096 


49.561441 


105.795993 


224.234388 


471.954834 


81 


23.971791 


35.35245 1 


52.039513 


112. 143753 


239.930795 


509.711221 


82 


24.930663 


36.943311 


54.641489 


118.872378 


256.725950 


550.488119 


83 


25.927889 


38.605760 


57.373563 


126.004721 


274 . 696767 


594.527168 


84 


26.965005 


40.343019 


60.242241 


133.565004 


293.925541 


642.089342 


85 


28.043605 


42.158455 


63.254353 


141 . 578904 


314.500328 


693.456489 


86 


29.165349 


44.055586 


96.417071 


150.073639 


336.515351 


748.933008 


87 


30.331963 


46.038087 


69.737925 


159.078057 


360.071426 


808 . 847649 


88 


31.545242 


48.109801 


73.224821 


168.622740 


385.276426 


873.555461 


89 


32.807051 


50.274742 


76.886062 


178.740105 


412.245776 


943.439897 


90 


34.JI9333 


52.537105 


80.730365 


189. 46451 1 


441.102980 


1018. 91509 


91 


35.484107 


54.901275 


84.766883 


200.832382 


471.980188 


1100. 42830 


92 


36.903471 


57.371832 


89.005227 


212.882325 


505.018802 


1188. 46256 


93 


38.379610 


59-953565 


93.455489 


225.655264 


540.370118 


1283.53956 


94 


39.914794 


62.651475 


98.123263 


239.194580 


578.196026 


1386.22273 


95 


41.511386 


65.470792 


103.034676 


253.546255 


618.669748 


1497. 12055 


96 


43.171841 


68.416977 


108.186410 


268.759030 


661.976630 


1616. 89019 


97 


44.898715 


7L49574I 


"3. 595731 


284.884572 


708.314994 


1746.24141 


98 


46 . 694664 


74.7-3050 


119. 275517 


301.977646 


757.897044 


1885.94072 


99 


48 . 562450 


78.075137 


125.239293 


320.096305 


810.949837 


2036.81598 


IOO 


50.504948 


81.588518 


131. 501258 


339.302084 


867.716326 


2199. 76126 



COMPOUND INTEREST, II. 



The amount of $i per annum in any number of Years. 



4 per Cent. i 4% per Cent. 



5 per Cent. 6 per Cent. 



I 


1 .000000 


1. 000000 


1 .000000 


1. 000000 


2 


2.040000 


2 . 045000 


2.050000 


2.060000 


3 


3.121600 


3.137025 


3.152500 


3.183600 


4 


4.246464 


4.278191 


4.310125 


4.374616 


5 


5.416323 


5.470710 


5.525631 


5.637093 


6 


6.632975 


6.716892 


6.801913 


6.975319 


7 


7.898294 


8.019152 


8 . 142008 


8.393838 


8 


9.214226 


9.380014 


9.549109 


9.897468 


9 


10.582795 


10.802114 


11.026564 


11.491316 


10 


12.006107 


12.288209 


12.577893 


13.180795 


11 


13.486351 


13.841179 


14.206787 


14.971643 


12 


15.025805 


15.464032 


15.917127 


16.869941 


13 


16.626838 


17. 1 599i 3 


17.712983 


18.882138 


14 


18.291911 


18.932109 


19.598632 


21.015066 


15 


20.023588 


20.784054 


21.578564 


23.275970 


16 


21.824531 


22.719337 


23.657492 


25.672528 


17 


23.697512 


24.741707 


25.840366 


28.212880 


18 


25.645413 


26.855084 


28.132385 


30.905653 


*9 


27.671229* 


29.063562 


30.539004 


33.759992 


20 


29.778079 


31.371423 


33.065954 


36.785591 


21 


3 1 . 969202 


33.783137 


3 5. 719252 


39.992727 


22 


34-24797° 


36.303378 


38.505214 


43.392290 


23 


36.617889 


38.937030 


41.430475 


46.995828 


24 


39.082604 


41.689196 


44.501999 


50.815577 


25 


41.645908 


44.565210 


47.727099 


54.864512 


26 


44.3II745 


47.570645 


51.113454 


59.156383 


27 


47.084214 


50.711324 


54.669126 


63.705766 


28 


49.967583 


53-993333 


58.402583 


68.528112 


29 


52.9662S6 


57.423033 


62.322712 


73.639798 


• 30 


56. 08493 S 


61.007070 


66.438348 


79.058186 


3i 


59.328335 


64.752388 


70 . 760790 


84.801677 


32 


62.701469 


68.666245 


75.298829 


90.889778 


33 


66.209527 


.72.756226 


80.063771 


97.343165 


34 


69.857909 


77.030256 


85.066959 


104.184755 


35 


73.652225 


81.496618 


90.320307 


1 1 1. 434780 


36 


77.598314 


86.163966 


95.836323 


119. 120867 


37 


81.702246 


91.041344 


101. 628139 


127.268119 


33 


85.970336 


96.138205 


107.709546 


135.904206 


39 


90.409150 


101.464424 


114.095023 


145.058458 


40 


95.025516 


107.030323 


120.799774 


154.761966 


4i 


99.826536 


112.846688 


127.839763 


165.047684 


42 


104.819598 


118.924789 


135.231751 


175.950545 


43 


no. 012382 


125.276404 


142.993339 


1S7. 507577 


44 


115. 412877 


131. 913842 


1 51. 143006 


199.758032 


45 


121.029392 


1 3 S. 849965 


159.700156 


212.743514 


46 


126.870568 


146.098214 


168.685164 


226.508125 


47 


132.945390 


153.672633 


178. 1 19422 


241.098612 


48 


139.263206 


161.587902 


188.025393 


256.564529 


49 


145.833734 


169.859357 


199.426663 


272.958401 


50 


152.6670S4 


178.503028 


209.347996 


290.335905 



COMPOUND INTEREST, II.— (Continued.) 

The amount of $i per annum in any number of Years. 



Years. 


4 per Cent. 


1 

\Y 2 per Cent. 1 


5 per Cent. 


6 per Cent. 


5i 


I59-773767 


187.535665 


220.815395 


308.756059 


52. 


167.164718 


196.974769 


232.856165 


328.281422 


53 


174.851306 


206.838634 


245.498974 


348.978308 


54 


182.845359 


217.146373 


258.773922 


370.917006 


55 


191.159173 


227.917959 


272.712618 


394.172027 


56 


199.805540 


239.174268 


2S7. 348249 


418.822348 


57 


208 . 797762 


250.937110 


302.715662 


444.951689 


58 


218.149672 


263.229280 


318.851445 


472 . 648790 


59 


227.875659 


276.074597 


335.794017 


502.007718 


60 


237.990685 


289.497954 


353.583718 


533.128181 


61 


248.510313 


303.525362 


372.262904 


566.115872 


62 


259.450725 


318.184003 


391 . 876049 


601.082824 


63 


270.828754 


333.502283 


412.469851 


638.147793 


64 


282.661904 


349.509886 


434.093344 


677.436661 


65 


294.968381 


366.237831 


456.798011 


719.082861 


66 


307.767116 


383.718533 


480.637912 


763.227832 


67 


321.074800 


401.985867 


505.669807 


810.021502 


68 


334.920912 


421.075231 


531.953298 


859.622792 


69 


349-317749 


441.023617 


559.550963 


912.200160 


70 


364.290459 


461 . 869680 


588.528511 


967.932170 


7* 


379.862077 


483.653815 


618.954936 


1 027. 008 1 00 


72 


396.956560 


506.418237 


650.902683 


1089.628586 


73 


412.898823 


530.207057 


684.447817 


1 1 56. 006301 


74 


430.414776 


555.066375 


719.670208 


1226.366679 


75 


448.631367 


581.044362 


756.653718 


1300.948680 


76 


467.576621 


608.191358 


795.486404 


1 3 So. 00560 1 


77 


487.279686 


636.559969 


836.260725 


1463.805937 


78 


507.770874 


666.205168 


879.073761 


1552.634293 


79 


529.081708 


697.184401 


924.027449 


1646.792350 


So 


55L244977 


729.557699 


971.228821 


1746. 599891 


81 


574.294776 


763.387795 


1020.790262 


1252.395885 


82 


598.266567 


798 . 740246 


1072.829775 


1964.539638 


83 


623. 197230 


835-683557 


1127. 471264 


2083.412016 


84 


649. 1 25 1 19 


874.289317 


1 1 84. 844827 


2209.416737 


85 


676.090124 


914.632336 


1245.087069 


2342.981741 


86 


704.133728 


956.790791 


1308. 341422 


2484 . 560646 


87 


733.299078 


1000 846377 


I374-75S493 


2634.634285 


88 


763.631041 


1046.884464 


1444. 496418 


2793-712342 


89 


795.176282 


1094.994265 


1517. 721239 


2962.335082 


90 


827.983334 


1 1 45. 269007 


1594. 607301 


3141. 075187 


9 1 


862.102667 


1197.S06112 


1675.337666 


3330.539698 


92 


897.586774 


1252.707387 


1760. 104549 


3531.372080 


93 


934.490245 


1 3 10. 079219 


1849. 109777 


3744.254405 


94 


972.869854 


1370.032784 


1942.565265 


3969.909669 


95 


1012.7S4649 


1432.684259 


2040.693529 


4209.104250 


96 


1054.296035 


1498. 1 5505 1 


2143.728205 


4462.650505 


97 


1097.467876 


1566.572028 


2251.914615 


4731.409535 


98 


1 142. 366591 


1638.067770 


2365.510346 


5016. 294107 


99 


1189. 061255 


1712.780819 


2484.785864 


5318. 271753 


100 


1237.623705 


1790.855956 


2610.025157 


5638.368059 



COMPOUND INTEREST, II.— (Continued.) 



The amount of $i per annum in any number of years. 



Years. 


7 per Cent. 


8 per Cent. 

1 


9 per Cent. 


jo per Cent. 


i 


1. 000000 


1. 000000 


I. 000000 


I. 000000 


2 


2 . 070000 


2.080000 


2 . 090000 


2.100000 


3 


3.214900 


3 . 246400 


3.278100 


3.310000 


4 


4-439943 


4.506112 


4.573129 


4.641000 


5 


5-750739 


5.366601 


5. 98471 1 


6.105100 


6 


7.153291 


7.335929 


7-523335 


7.715610 


7 


8.654021 


8.922803 


9.200435 


9.487I7I 


8 


10.259803 


10.636628 


11.028474 


11.435888 


9 


11.977989 


12.487558 


13.021036 


13.579477 


lm 


13.S16448 


14.486562 


15.192930 


15.937425 


ii 


15.783599 


16.645487 


17.560293 


18.531167 


12 


17.S88451 


18.977126 


20.140720 


21.384284 


13 


20.140643 


21.495297 


22.953385 


24.522712 


14 


22.5504S8 


24.214920 


26.019189 


27.974983 


15 


25.129022 


27.152114 


29.360916 


31.772482 


16 


27.8S8054 


30.324283 


33.003399 


35.949730 


17 


30.840217 


33.750226 


36.973705 


40.544703 


i8 


33-999°33 


37.450244 


41.301338 


45.599 J 73 


19 


37.378965 


41.446263 


46.018458 


51.159090 


20 


40.995492 


45.761964 


51.160120 


57.274999 


21 


44.865I77 


50.422921 


56.764530 


64.002499 


22 


49.005739 


55.456755 


62.873338 


71.402749 


23 


53.436141 


60.893296 


69.531939 


79.543024 


24 


58.176671 


66.764759 


76.789813 


88.497327 


25 


63.249038 


73.105940 


84.700896 


98.347059 


26 


68.676470 


79.954415 


93.323977 


109.181765 


27 


74.483823 


87.350768 


102.723135 


121.099942 


28 


80.697691 


95.338830 


112. 968217 


134.209936 


29 


87.346529 


103.965936 


124.135356 


148.630930 


30 


94.460786 


113.283211 


136.307539 


164.494023 


31 


102.073041 


123.345868 


149.575217 


181.943425 


32 


110.218154 


134.213537 


164.036987 


201.137767 


33 


118.933425 


145.950620 


179.800315 


222.251544 


34 


128.258765 


158.626670 


196.982344 


245.476699 


35 


138.236878 


172.316804 


215.710755 


271.024368 


36 


148.913460 


187.102148 


236.124723 


299.126805 


37 


160.337402 


203.070320 


258.375948 


330.039486- 


38 


172.561020 


220.315945 


282.629783 


364.043434 


39 


185.640292 


238.941221 


309.066463 


401.44777a 


40 


199.635112 


259.056519 


337.882445 


442.292556- 


4i 


214.609570 


280.781040 


369.291865 


487.851811 


42 


230.632240 


304.243523 


403.528133 


537.636992 


43 


247.776496 


329.583005 


440.845665 


592 . 400692 


44 


266.120851 


356.949646 


481.521775 


652.640761 


45 


285.749311 


386.505617 


525.858734 


718.904837 


46 


306.751763 


418.426067 


574.186021 


791.795321 


47 


329.224386 


452.900152 


626.862762 


871.974853 


48 


353.270093 


490. 1 3 2164 


684.280411 


960.17233S 


49 


378.999000 


530.342737 


-46.865648 


1057. 189572 


So 


406.528929 


573.770156 


815.083556 


1 163. 908529 



COMPOUND INTEREST, II.— (Continued.) 

The amount of $i per annum in any number of years. 



Years. 


7 per Cent. 


1 

8 per Cent. k 


9 per Cent. 


10 per Cent. 


5i 


435.985955 


620.671769 


889.44.070 


1281. 299382 


52. 


467.504971 


671.325510 


970.490773 


1410.429320 


53 


501.230319 


726.031551 


1058.834943 


1552.472252 


54 


537.316442. 


785.114075 


1155. 130088 


1 708. 7 1 9477 


55 


575-928593 


848.923201 


1 260. 09 1 796 


1880. 591425 


56 


617.243594 


917.837058 


1374.500057 


2069.650567 


57 


661.450646 


992 . 264022 


1499.205063 


2277.615624 


58 


708.752191 


1072. 645144 


1635.133518 


2506.377186 


59 


759.364844 


1 1 59. 45675 5 


1783.295535 


2758.014905 


60 


813-520383 


1253. 213296 


1944. 7921 3 3 


3034.816395 


61 


871.466S10 


I354.470360 


2120.823425 


3339.298035 


62 


933.469487 


1463.327988 


2312.697533 


3674.227838 


63 


999.812351 


I 581. 934227 


2521. 8403 1 1 


4042.650622 


64 


1070. 799216 


1709.4S8966 


2749.805939 


4447.915685 


65 


1146.755161 


1847.248083 


2998.2*8474 


4893.707253 


66 


122S.02S022 


1996.027929 


3269.134436 


5384.077978 


67 


1314.9S99S3 


2156.710164 


3564.356535 


5923.485776 


63 


1408.039282 


2330.246977 


3886.148624 


6516.834354 


69 


1507.602032 


2517.666735 


4236.902000 


7169. 517789 


70 


1614.134174 


2720.0S0074 


4619. 223180 


7887.469568 


7i 


1728. 123566 


2938.6S64S0 


5035.953266 


8677.216525 


72 


1850. 092216 


3174. 781398 


5490.189060 


9545.938177 


73 


1980. 598671 


3429.763910 


59S5. 306075 


10501.53 1995 


74 


2120.240578 


3705.145023 


6524.983622 


11552. 685195 


75 


2269.657419 


4002.556624 


7113. 232148 


12708. 953714 


76 


2429.533438 


4323.761154 


7754.423041 


13980.849085 


77 


2600 . 600779 


4670 . 662047 


8453.321115 


15379.933994 


73 


2783.642S33 


5045. 3 1 501 1 


9215.120015 


16918.927393 


79 


2979.497831 


5449. 94021 1 


10045.480S17 


18611. 820133 


80 


3189.06268c 


5886.935428 


10950.574090 


20474.002146 


81 


3413.297067 


6358.890263 


11937. 125758 


22522.402360 


82 


3653.227862 


6868.601484 


1 301 2. 467077 


24775.642596 


83 


3909.953812 


7419.089602 


14184.589114 


27254.206856 


84 


4184.650579 


8013. 616770 


1 5462. 2021 34 


29980.627542 


85 


4478.576120 


865 5. 7061 1 2 


16854.800326 


32979.690296 


86 


4793.076448 


9349.162601 


18372.732355 


36278.659326 


87 


5129. 591799 


10098.095609 


20027 . 278267 


399 7.525258 


88 


5489.603225 


10906.943258 


21830. 733311 


43899.277784 


89 


5874.939651 


11780.498718 


23796.499309 


48290.205562 


90 


6287.185427 


12723. 938616 


25939.184247 


53120. 226119 


91 


6728.288407 


13742.. 853705 


28274.710829 


58433.248730 


92 


7200.268595 


14843.282002 


30826.434804 


64277.573603 


93 


7705.287397 


1603 1. 744562 


33595.273936 


70706.330964 


94 


8245.657515 


173 1 5. 284127 


36619.848590 


77777.964o6o 


95 


8823.853541 


1 8701. 506857 


39916.634964 


85556.760466 


96 


9442.523288 


20198.627405 


43510. 132110 


94113. 436513 


97 


10104. 499919 


21815. 517598 


47427.044000 


103525. 780164 


98 


10812.814913 


I 23561.759006 


51696.477960 


113879. 358180 


90 


11570.711957 


25447.699726 


56350.160977 


125268.293998 


100 


12381. 661794 


j 27484.515704 


61422.675465 


137796. 123398 



120 

STANDARD MORTALITY TABLES. 



' DESCRIPTION.* 

No. l. — Halley's Breslau Table. 
This Table was deduced by the celebrated Astronomer 
Edmund Halley, from a series of life registers kept by Dr. 
Neumann in the city of Breslau in Silesia during the years 
1687-91 , and was the first Life Table which had any pre- 
tensions to accuracy. It was, however, regarded as inap- 
plicable to English lives, and has, consequently, never been 
used by English companies. By arranging the numbers in 
the second column of this Table, Dr. Halley, all uncon- 
sciously, laid the foundation of the science of life contin- 
gencies. 

No. 2. — Price's London Table. 

This Table was arranged by Dr. Richard Price from 
the bills of mortality recorded in London during the years 
1759—1768. It gives a high rate of mortality, and has not 
been used in the business of Life Assurance. 

No. 3. — Price's Swedish Table. 
This was the first National Life Table ever made, and 
was composed by the eminent Statistician Dr. Richard 
Price, from data obtained by M. Wargentin, of Stock- 
holm, from seven different enumerations of the whole pop- 
ulation of the Kingdom of Sweden, each repeated at the 

* For the purpose of securing absolute accuracy, the tables which follow (with the 
descriptive matter) are those carefully collated and published in the Insurance 
Reports of the State of New York. 



121 



end of three years, viz., in 1757, * 760, 1763, 1766, 1769, 
1772, and 1775. It is commended for its general accuracy, 
but, owing apparently to national preferences, has not been 
used in England. 

No. 4. — Deparcieux's French Table. 

This Table was calculated by M. Deparcieux from the 
lists kept of the nominees of the Tontines of Paris and 
from the records of the deaths of Parisian annuitants from 
1696 to 1742. It has been well approved as giving a near 
approximation to the expectation of assured lives. 

The results of M. Df.parcieux's calculations were after- 
ward verified by comparison with the mortuary registers 
of several religious houses of both sexes in France. 

This Table is referred to by Francis Baily in his Trea- 
tise upon the Doctrine of Annuities and Assurances (p. 
14), published in 1813, as particularly fitted to form a. 
proper basis for determining the value of annuities. 

No. 5. — Price's Northampton Table. 
This Table ' was formed by Dr. Richard Price from re- 
gisters kept in the Parish of All-Saints in the town of 
Northampton, England, during the years 1735 to 1780. 
Although exceedingly unjust in giving a too high rate of 
mortality, particularly for the younger and middle ages, it 
was the first Life Table brought into use as a basis for the 
computation of Life premiums, having been adopted by the 
Equitable on its establishment in the year 1762. The 
Northampton Table long continued in much favor witk 
the companies, as insuring an abundantly safe rate of pre- 
mium ; so much so, indeed, as to secure a higer profit, with- 



122 



out loading, than is obtained under many other Tables even 
with the addition of a loading of 20 or 30 per cent. This 
Table is still used by a majority of the old Life Offices in 
England as the basis, for their rates of premium. In mak- 
ing valuations, however, the results are generally checked 
by calculations on the Carlisle or some other modern 
Table. 

No. 6. — Milne's Carlisle Table. 

This Table was formed by the eminent Actuary Joshua 
Milne, from the observations of Dr. Heysham on the mor- 
tality of Carlisle, England, for the years 1778-87. Though 
somewhat defective in graduation, it is far more satisfactory 
than the Northampton Table in its approach to accuracy ; 
for which reason it is extensively used in England and 
very generally in this country. 

No. 7. — Davies's Equitable Table. 
Constructed by the distinguished Actuary Griffith Da- 
vies, of London, and revised by Mr. Morgan in 1834. 
This was the first Table based upon the records of assured 
lives, being the experience of the Equitable Society from its 
foundation in 1762 to 1829. 

No. 8. — Actuaries' or Combined Experience Table. 

This Table is based upon the recorded experience of 
seventeen Life Companies in England, and was deduced 
from 62,537 assurances, under the superintendence of a 
committee of accomplished actuaries. The Table was pub- 
lished by Actuary Jenkin Jones in 1843, and furnishes a 
very accurate graduation of assured lives. 



123 



No. 9. — Quetelet's Belgian Table. 

This Table was compiled and published in 1856 by the 
distinguished philosopher Adolphe Quetelet,, of Brussels. 
It shows a higher rate of mortality than the English Tables. 
In the form here presented,, the Table gives the combined 
decrement and expectation of male and female lives. 

No. 10. — Farr's English Table No. 1. 
For this very accurate Table the public are indebted to 
the philanthrophic and praiseworthy efforts of the indefati- 
gable physician William Farr, of London. It was com- 
piled from the entire census returns of lives and deaths at 
all ages, in the realm of England, during the year 1841,, and 
published in the Sixth Report of the Registrar-General. 

No. 1 1 — Farr's English Table No. 2. 

This was calculated by Dr. William Farr, subsequently 
to his Table No. i 3 from the deaths throughout the whole 
of England dusing the seven years 1838-44. From these 
data the calculations were made according to a plan recom- 
mended by Professor De Morgan and Mr. Griffith 
Davies. 

No. 12. — Farr's English Table No. 3. 

The rate of mortality deduced from this Table is higher 
than is given by the Carlisle Table or by either of the two 
former English Life Tables of the author. It is more reg- 
ular in its graduation than the Carlisle Table, while at the 
same time its rate approximates more nearly that assigned 
to American life. 



V 



124 



I. BRESLAU TABLE (Edmund Halley). 



Age. 


Living. 


Dying. 


Expectation. 


Age. 


Living. 


Dying. 


Expectation. 


x 


1000 


145 


33-22 


46 


387 


10 


I9-05 


2 


855 


57 


37-77 


47 


377 


10 


18.55 


3 


798 


38 


39-43 


48 


367 


10 


18.04 


4 


760 


28 


40.38 


49 


357 


11 


17-53 


5 


732 


22 


40.90 


50 


J46 


11 


17.07 


6 


710 


18 


41.16 


5i 


335 


11 


16.61 


1 


692 


12 


41.22 


52 


324 


11 


16.16 


8 


680 


10 


40.94 


53 


313 


11 


15.71 


9 


670 


9 


40.54 


54 


302 


10 


15.26 


IO 


661 


8 


40. 08 


55 


292 


10 


14.77 


ii 


653 


7 


39-57 


56 


282 


10 


H.27 


12 


646 


6 


38.99 


57 


272 


10 


13.79 


*3 


640 


6 


33.35 


58 


262 


10 


12.91 


14 


634 


6 


37.71 


59 


252 


10 


12.79 


15 


628 


6 


37.07 


60 


242 


10 


12.30 


16 


622 


6 


36.42 


61 


232 


10 


11.77 


17 


616 


6 


35-77 


62 


222 


10 


11.32 


18 


610 


6 


35-12 


63 


212 


10 


10.83 


19 


604 


6 


34.46 


64 


202 


10 


10.24 


20 


598 


6 


33.8o 


65 


192 


10 


9.86 


21 


592 


6 


33-14 


66 


182 


10 


9-37 


22 


586 


7 


32.49 


67 


172 


10 


8.89 


23 


579 


6 


31.85 


68 


162 


10 


8.40 


24 


573 


6 


3129 


69 


152 


10 


793" 


25 


567 


7 


30.51 


70 


142 


11 


7-45 


26 


560 


7 


29.87 


71 


131 


11 


7.05. 


27 


553 


7 


29.26 


72 


120 


11 


6.64 


28 


546 


7 


28.63 


73 


109 


11 


6.25- 


29 


539 


8 


27.99 


74 


98 


10 


5.89 


30 


53i 


8 


27.41 


75 


88 


10 


5.5* 


31 


523 


8 


26.82 


76 


78 


10 


5.15 


32 


5i5 


8 


26.23 


77 


68 


10 


4.84 


33 


507 


8 


25.64 


78 


58 


9 


4-59 


34 


499 


9 


25.04 


79 


49 


8 


4-34 


35 


49c 


9 


24.50 


80 


4i 


7 


4.08 


36 


481 


9 


24.15 


81 


34 


6 


3.8a 


37 


472 


9 


23 .60 


82 


28 


5 


3-54 


38 


463 


9 


23.26 


83 


23 


4 


3.19 


39 


454 


9 


22.72 


84 


19 


4 


2.76 


40 


445 


9 


22. 16 


85 


15 


4 


2.37 


4i 


436 


9 


21.61 


86 


11 


3 


2.05 


42 


427 


10 


21 .06 


87 


8 


3 


1.63 


43 


417 


10 


20.55 


88 


5 


2 


0.80 


44 


407 


10 


20.04 


89 


3 


2 


o.33 


45 


397 


10 


19-53 


90 


1 


1 


0.00 



125 



II. LONDON TABLE (Richard Price). 



Age. 


1 

Living. 


: 

! Dying. 


Expectation. 


Age. 


1 
Living. 


Dying. 


Expectation. 


o 


1518 


486 


17.90 


46 


262 


10 




i 


1032 


200 




47 


252 


10 




2 


832 


85 




48 


242 


9 




3 


747 


59 




49 


233 


9 




4 


688 


42 




5o 


224 


9 


1584 


5 


646 


23 


35.28 


5i 


215 


9 




6 


623 


20 




52 


206 


8 . 




7 


603 


14. 




53 


198 


8 




8 


589 


12 




54 


190 


7 




9 


577 


10 




55 


183 


7 


13.91 


IO 


567 


9 


34.91 


56 


176 


7 




ii 


558 


9 




57 


169 


7 




12 


549 


8 




58 


162 


7 




13 


54i 


7 




59 


155 


8 




*4 


534 


6 




60 


147 


8 


11.69 


15 


528 


6 


33.32 


61 


139 


7 




16 


522 


7 




62 


132 


7 




17 


515 


7 




63 


125 


7 




18 


50S 


7 




64 


118 


7 




19 


501 


7 




65 


Hi 


7 


9.69 


20 


494 


7 


29- 37 


66 


104 


7 




21 


487 


8 




67 


97 


7 




22 


479 


8 




68 


90 


7 




2? 


47i 


8 




69 


83 


7 




24 


463 


8 




70 


76 


6 


8.00 


25 


455 


8 


26.66 


7i 


70 


6 




26 


447 


8 




72 


64 


6 




27 


439 


8 




73 


58 


5 




28 


43i 


9 




74 


53 


5 




29 


422 


9 




7 I 


48 


5 


6.27 


30 


413 


9 


24.11 


76 


4 l 


5 




31 


404 


9 




77 


38 


5 




32 


395 


9 




78 


33 


4 




33 


386 


9 




79 


29 


4 




34 


377 


9 




80 


25 


3 


4.86 


35 


368 


9 


21.76 


81 


22 , 


3 




36 


359 


9 




82 


19 


3 




37 


35o 


9 




83 


16 


3 




38 


34i 


9 




o 4 


x * 


2 




39 


332 


10 




85 


11 


2 


3.04 


40 


322 


10 


19- 5o 


86 


9 


2 




4i 


312 


10 




87 


7 


2 




42 


302 


10 




88 


5 






43 


292 


10 




89 


4 ! 


1 




44 


282 


10 




90 


3 I 


1 




45 


272 


10 


17.63 




! 







126 



III. SWEDISH TABLE (Richard Price). 



Age. 


Living. 


1 
Dying. 


Expectation. 


Age. 


Living. 


| 
Dying. 


Expectation. 


o 


1 0000 


2195 


34.42 


49 


3924 


78 


19.09 


I 


7805 


509 


42.95 


1 5o 


3846 


85 


18.46 


2 


7295 


344 


44-92 


' 51 


3761 


87 


17.87 


3 


6952 


245 


46.11 


52 


3674 


90 


17.29 


4 


6707 


143 


46.78 


53 


35»4 


90 


16.70 


5 


6564 


122 


46.79 


54 


3494 


9i 


16. 12 


6 


6442 


105 


46.66 


55 


3403 


9i 


15.53 


7 


6337 


87 


46.43 


56 


3312 


92 


1495 


S 


6250 


V 


46.07 


11 


3220 


95 


1437 


9 


6177 


62 


45.61 


58 


3125 


95 


1379 


IO 


6115 


54 


45.07 


59 


3030 


100 


13.21 


ii 


6061 


45 


44.38 


60 


2930 


10S 


12.63 


12 


6016 


42 


43.70 


61 


2822 


114 


12.12 


*3 


5974 


38 


43-OI 


62 


2708 


118 


11.62 


14 


5936 


37 


42.33 


63 


2590 


118 


11. 11 


15 


5899 


37 


41.64 


64 


2472 


118 


10.61 


16 


5862 


40 


40.92 


65 


2354 


118 


10.10 


17 


5822 


40 


40.19 


¥ 


2236 


118 


9.62 


18 


5782 


42 


39-47 


67 


2118 


121 


9- is 


J 9 


574o 


43 


38.74 


68 


1997 


124 


8.67 


20 


5697 


47 


38.02 


69 


1873 


124 


8.20 


21 


5650 


47 


37-33 


70 


1749 


127 


7.72 


22 


5603 


48 


36.64 


7i 


1622 


133 


7.32 


23 


5555 


48 


35.96 


72 


1489 


135 


6.89 


24 


5507 


50 


35.27 


73 


1354 


140 


6.55 


25 


5457 


50 


34.58 


74 . 


1214 


130 


6.23 


26 


5407 


52 


33- 9 1 


7 I 


1084 


121 


5.9i 


27 


5355 


54 


33-23 


76 


963 


115 


5-59 


28 


5301 


55 


32.56 


77 


848 


105 


5.28 


29 


5246 


55 


31.88 


78 


743 


95 


4.9 6 


30 


5191 


59 


31.21 


79 


648 


90 


4.61 


31 


5132 


60 


30.57 


80 


558 


90 


4.28 


32 


5072 


62 


29.94 


81 


468 


84 


4.01 


33 


5010 


63 


29.30 


82 


384 


75 


3.80 


24 


4947 


63 


28.67 


83 


309 


65 


3.57 


35 


4884 


59 


28.03 


84 


244 


55 


3.39 


36 


4825 


58 


27.31 


85 


189 


45 


3.23 


37 


4767 


58 


26.68 


86 


144 


35 


3.09 


38 


4709 


58 


26.01 


87 


109 


27 


2.92 


39 


4651 


60 


25.33 


88 


82 


20 


2.71 


40 


4591 


65 


24.66 


89 


62 


15 


2.43 


4i 


4526 


73 


24.05 


90 


47 


14 


2.05 


42 


4453 


78 


23.44 


9i 


33 


12 


1. 71 


43 


4375 


78 


22.83 


92 


21 


10 


1.40 


44 


4297 


78 


22.22 


93 


11 


6 


123 


45 


4219 


76 


21.61 


94 


5 


3 


1. 10 


46 


4143 


74 


20.98 


9 I 


z 


1 


1. 00 


47 


4069 


72 , 


20.35 


96 


1 


1 


0.00 


#8 


3997 


73 ' 


19.72 


97 










127 



IV. FRENCH TABLE (M. Deparcieux). 



Age. 


Living. 


Dying. 


Expectation. 


3 


1000 


30 


47.71 


4 


970 


22 


48.17 


5 


948 


18 


48.27 


6 


930 


15 


48.20 


7 


915 


13 


47.98 


8 


902 


12 


47.66 


9 


890 


10 


47-30 


IO 


880 


8 


46.83 


ii 


872 


6 


46.26 


12 


866 


6 


45.58 


13 


860 


6 


44.89 


*4 


854 


6 


44.20 


15 


848 


6 


43.51 


16 


842 


7 


42.82 


17 


835 


7 


42.17 


18 


828 


7 


41.52 


19 


821 


7 


40.87 


20 


814 


8 


40.22 


21 


806 


8 


39.62 


22 


798 


8 


39.00 


2-3 


790 


8 


38.40 


24 


782 


8 


37.78 


2-5 


774 


8 


37-17 


26 


766 


8 


36.55 


27 


758 


8 


35-93 


28 


750 


8 


35.30 


29 


742 


8 


34.69 


30 


734 


8 


- 34.06 


31 


726 


8 


33.29 


32 


718 


8 


32.80 


33 


710 


8 


32.16 


34 


70 2 


8 


31.52 


35 


694 


8 


30.88 


36 


686 


8 


30.23 


37 


678 


7 


29.58 


38 


671 


7 


28.89 


39 


664 


7 


28.18 


40 


657 


7 


27.48 


4i 


650 


7 


26.77 


42 


643 


7 


26.06 


43 


636 


7 


25.34 


44 


629 


7 


24.62 


45 


622 


7 


23.89 


46 


615 


8 


23.15 


47 


607 


8 


22.45 


48 


599 


9 


21.74 



Age. 



49 
5o 
51 
52 
53 
54 
55 
56 
57 
58 
59 
60 
61 
62 
63 
64 
65 
66 
67 
68 
69 
70 
7i 
72 
73 
74 
75 
76 
77 
78 
79 
80 
81 
82 
83 
84 
85 
86 

87 



90 
9i 
92 
93 
94 



Living. 



590 
58i 
571 
560 

549 
538 
526 

514 

502 

489 
476 
463 
450 
437 
423 
409 
395 
380 
364 
347 
329 
310 
291 
271 
251 
231 
211 
192 
173 
154 
136 
118 
101 
85 
7i 
59 
48 
38 
29 



Dying. 



13 

13 
13 
13 
14 
14 
14 
15 
16 

17 
18 

19 

19 



*9 
J 9 
19 



17 
16 

14 



10 
9 
7 
6 
5 
4 
3 



Expectation. 



21.07 
20.38 
19-73 
19. 11 
18.48 
17.85 
17.25 
16.64 
16.02 
15.44 
14.84 
14-25 
13.65 
13.04 
12.43 
11.86 
11 .26 
10.69 
10. 14 
9.61 

9." 

8.64 
8.17 

7-73 
7.3i 
6.90 
6. 50 
6.10 
5.7i 
5.36 
5.00 
4.69 
439 
4.01 
3.84 
3.52 
3.21 
2.92 
2.67 
2. 36 
2.06 
1.77 
1.50 
1.25 
/ .00 
0.00 



128 



V. NORTHAMPTON TABLE (Richard Price). 



Age. 



Living. | Dying. Expectation 



3 

\\ 



13 

14 
15 

16 

17 
18 

19 
20 
21 
22 
23 
24 
25 
26 
27 
28 



29 
jo 
Ji 

32 
33 
3; 
3 5 
36 

37 ! 

38 , 

39 
40 j 

4* 
4 1 - 
43 
44 
45 
46 

47 1 

48 1 



11650 
8650 
7283 
6781 
6446 
6249 
6065 
5925 
5815 
5735 
5675 
5623 
5573 
5523 
5473 
5423 
5373 
532o 
5262 
5199 
5132 
5060 
4985 
49 10 
48 35 
4760 
4685 
4610 
4535 
4460 
4385 
4310 
4235 
4160 
4085 
4010 
3935 
3860 

3785 
3710 

3635 
3569 
3482 
3404 
3326 
3248 
3170 
3092 
3014 



3000 
1367 
502 
335 
197 
184 
140 
110 
80 
60 
52 
50 
5o 
50 
5o 
5o 
53 
58 
63 
67 
72 
75 
75 
75 
75 
75 
75 
75 
75 
75 
75 
75 
75 
75 
75 
75 
75 
75 
75 
75 
76 
77 
78 
78 
78 
78 
78 
78 
78 



25.18 
32.74 
37-79 
39-55 
40.58 
40.84 
41.07 
41.03 

40.79 
40.36 
39.78 
39.14 
38.49 
37.83 
37.17 
36.51 
35.85 
35.2o 
34.58 
33 99 
33-43 
32.90 
32.39 
31.88 
31.36 
30.85 
30.33 
29.82 
29.30 

28.79 
28.27 
27.76 
27.24 
26.72 
26.20 
25.68 
25.16 
24.64 
24.12 
23.60 
23.08 
22.56 
22.04 
21 . 54 
21 .03 
20.52 
20.02 
19.51 
19.00 



Age. 


Living. 


Dying. 


Expectation. 


49 


2936 


79 


18-49 


50 


2857 


81 


17.99 


5i 


2776 


82 


I7.50 


52 


2694' 


82 


17.02 


53 


2612 


82 


16.54 


54 


2530 


82 


16.06 


55 


2448 


82 


15.58 


56 


2366 


82 


15.10 


57 


2284 


82 


H.63 


58 


2202 


82 


14.15 


59 


2120 


82 


13.68 


60 


2038 


82 


13 21 


61 


1956 


82 


12.75 


62 


1874 


81 


12.28 


63 


1793 


81 


11 Si 


64 


1712 


80 


H-35 


65 


1632. 


80 


10.88 


66 


1552 


80 


10.42 


67 


1472 


80 


9.96 


68 


1392 


80 


9-59 


69 


1312 


80 


9.05 


70 


1232 


80 


8.60 


7i. 


1152 


80 


8 17 


72 


I072 


80 


7-74 


73 


992 


80 


7-3i 


74 


912 


80 


6.92 


75 


832 


So 


6-54 


76 


752 


77 


6.18 


77 


675 


73 


5.83 


78 


602 


68 


5-48 


79 


534 


65 


5. 11 


80 


469 


63 


4-75 


81 


406 


60 


4.41 


82 


346 


57 


4-09 


83 


289 


55 


3.80 


84 


234 


48 


3-58 


85 


186 


4i 


3-37 


86 


145 


34 


3 .19 


87 


in 


28 


3.01 


88 


83 


21 


2.86 


89 


62 


16 


2.66 


90 


46 


12 


2.41 


91 


34 


10 


2.09 


92 


24 


8 


1 -75 


93 


16 


7 


i-37 


94 


9 


5 


1.05 


95 


4 


3 


0.75 


96 


1 


1 


0. 50 



129 



VI. CARLISLE TABLE (Joshua Milne). 



Age. 


I 

i Living. 


| 

i Dying. 


Expectation. 


Age. 


I 
Living. 


1 

Dying. 


Expectation, 


o 


! IOOOO 


! 1539 


38.721 


! 53 


4211 


68 


j 18.972 


i 


! 8461 


682 


44-674 


54 


4H3 


7o 


18.275 


2 


i 7779 


505 


47-546 


55 


4073 


73 


I7.580 


3 


1 7274 


276 


49.812 


56 


4000 


76 


16.892 


4 


, 6998 


20I 


50.757 


57 


3924 


82 


I6.2O9 


i 


6797 


121 


51.244 


58 


3842 


93 


: 15.545 


6676 


82 


51.163 


59 


3749 


106 


14.918 


7 


6594 


58 


50.793 


60 


3643 


122 


14-337 


8 


6536 


43 


50.240 


61 


3521 


126 


13.817 


9 


6493 


33 


49.569 


62 


3395 


127 


13. 3" 


IO 


6460 


29 


48 . 820 


63 


3268 


125 


12.809 


ii 


i 643I 


3i 


48.038 


64 


3143 


125 


12.299 


12 


[ 64OO 


32 


47.268 


65 


3018 


124 


11.787 


*3 


! 6368 


33 


46.503 


66 


2894 


123 


1 1. 271 


H 


6335 


35 


45.742 


67 


2771 


123 


i ro.749 


15 


6300 


39 


44-994 


68 


2648 


123 


10.225 


16 


6261 


42 


44.271 


69 


2525 


124 


9 699 


17 


6219 


43 


43 • 567 


7o 


2401 


124 


9.147 


18 


6176 


43 


42.866 


7i 


2277 


134 


8.646 


*9 


6133 


43 


42.163 


72 


2143 


146 


8.156 


20 


6090 • 


43 


41.458 


73 


1977 


156 


7-7^5 


21 


6047 


42 


40.749 


74 


1 841 


166 


7.327 


22 


6005 


42 


40.030 


75 


1675 


160 


7.003 


23 


5963 


42 


39.309 


76 


1515 


156 


6.690 


24 


5921 


42 


38.584 


77 


1359 


146 


6.401 


25 


5879 


43 


37-856 i 


78 


1213 


132 


6. in 


26 


5836 


43 


37.131 


79 


108 1 


128 


5.796 


' 27 


5793 


45 


36.403 


80 


953 


116 


5.507 


28 


5748 


5o 


35.684 


81 


837 


112 


5.201 


29 


5698 


56 


34-993 


82 


725 


102 


4.928 


30 


5642 


57 


34- 336 


83 


623 


94 


4.652 


31 


5585 


57 


33.681 


84 


529 


84 


4.390 


32 


5528 


56 


33-023 


85 


445 


78 


4.125 


33 


5472 


55 


32.356 


86 


367 


7i 


3.895 


34 


5417 


55 


31.679 


87 


296 


64 


3.709 


35 


5362 


55 


30.999 


88 


232 


5i 


3395 


36 


5307 


56 


30.315 


89 


181 


39 


3.467 


37 


5251 


57 


29.633 


90 


142 


37 


3.282 


38 


5194 


58 


28.953 


91 


105 


30 


3.262 


39 


5136 


61 


28 . 274 


92 


75 


21 


3.367 


40 


5075 


66 


27.608 


93 


54 


14 


3.481 


4i 


5009 


69 


26.965 


94 


40 


10 


3.525 


42 


4940 


7i 


26.335 


95 


30 


7 


3533 


43 


4869 


7i 


25.712 


96 


23 


5 


3-457 


44 


4798 


7i 


25.085 


97 


18 


4 


3.278 


45 


4727 


70 


24.454 


98 


14 


3 


3.071 


46 


4657 


69 


23.814 1 


99 


11 


2 ' 


2.773 


47 


4588 


67 


23.165 


100 


9 


2 


2.278 


48 


4521 | 


63 


22.500 


101 


7 


2 


1.786 


49 


4458 


61 


21. 811 


102 


5 


2 


1.300 


So 


4397 1 


59 


21.107 


103 


3 


2 


0.833 


5i 


4338 


62 


20.387 


104 


1 


1 


0.500 


52 


4276 ' 


65 


19.676 1 











130 



VII. EQUITABLE TABLE (Griffith Davies). 



Age. 


Living. 


Dying. 


Expectation. 


Age. 


Living. 


Dying. 


Expectation. 


IO 


2844 


11 


48.83 


54 


1785 


41 


18.43 


ii 


2833 


11 


48.02 


55 


1744 


42 


17.85 


12 


2822 


12 


47.20 


56 


1702 


43 


17.28 


*3 


2810 


12 


46.40 


57 


1659 


44 


16.71 


14 


2798 


13 


45.60 


58 


1615 


45 


16.15 


*5 


2785 


14 


44.81 


59 


1570 


46 


15.60 


16 


2771 


15 


44.04 


60 


1524 


46 


15.06 


17 


2756 


16 


43.27 


61 


1478 


46 


14.51 


18 


2740 


17 


42.52 


62 


1432 


47 


13. 9 6 


19 


2723 


18 


41.78 


63 


1385 


48 


1342 


20 


2705 


18 


41.06 


64 


1337 


49 


12.88 


21 


2687 


18 


40.33 


65 


1288 


5o 


12.35 


22 


2669 


19 


39.60 


66 


1238 


5i 


11.83 


23 


2650 


19 


38.88 


67 


1187 


52 


11.32 


24 


2631 


20 


38.16 


68 


1135 


53 


10.82 


15 


2611 


20 


37-44 


69 


1082 


54 


10.32 


26 


2591 


21 


36.73 


7o 


1028 


54 


9.84 


27 


Wo 


22 


36.02 


7i 


974 


55 


9.36 


28 


2548 


23 


3533 


72 


919 


55 


8.88 


29 


2525 


24 


34-65 


73 


864 


56 


8.42 


30 


2501 


24 


33.98 


74 


808 


56 


7-97 


31 


2477 


25 


33.30 


75 


752 


55 


7.52 


32 


2452 


26 


32.64 


76 


697 


55 


7.08 


33 


2426 


26 


31.98 


77 


642 


54 


6.64 


34 


2400 


26 


31.32 


78 


588 


54 


6.20 


35 


2374 


27 


30.66 


79 


534 


54 


5.78 


36 


2347 


27 


30.01 


80 


480 


54 


5.38 


37 


2320 


28 


29-35 


81 


426 


53 


5.00 


38 


2292 


28 


28.70 


82 


373 


52 


4.63 


39 


2264 


28 


28.05 


83 


321 


5o 


430 


40 


2236 


28 


27.40 


84 


271 


47 


4.00 


4i 


2208 


28 


26.74 


85 


224 


43 


3-73 


42 


2180 


28 


26.07 


86 


181 


38 


3.50 


43 


2152 


29 


25.40 


87 


143 


32 


331 


44 


2123 


30 


24-75 


88 


in 


26 


3. 11 


45 


2093 


30 


24. 10 


89 


85 


20 


2.91 


46 


2063 


30 


23.44 


90 


65 


16 


2.65 


47 


2033 


31 


22.78 


91 


49 


13 


2.36 


48 


2002 


32 


22.12 


92 


36 


11 


2.03 


49 


1970 


33 


21.47 


93 


25 


9 


1.70 


50 


1937 


35 


20.83 


94 


16 


7 


1. 11 


5i 


1902 


37 


20.20 


95 


9 


5 


1.05 


52 


1865 


39 


1959 


96 


4 


3 


o.75 


53 


1826 


4i 


19.00 


97 | 


1 


1 


0. 50 



131 



VIII COiMBINED EXPERIENCE TABLE (Jenkin 
Jones). 



Age. 


Living. 


Dying. 


Expectation. 


Age. 


Living. 


Dying. 


Expectation. 


IO 


1 00000 


676 


48.36 


55 


63469 


1375 


16.86 


ii 


99324 


674 


47.68 


56 


62094 


1436 


16.22 


12 


98650 


672 


47- 01 


57 


60658 


H97 


15.59 


13 


97973 


671 


46.33 


53 


59161 


1561 


14-97 


14 


97307 


671 


45-64 


59 


57600 


1627 


14.37 


IS 


96636 


671 


44.96 


60 


55973 


1698 


13.77 


16 


95^5 


672 


44.27 


61 


54275 


1770 


13.18 


17 


95293 


673 


43.53 


62 


52505 


1844 


12.61 


18 


94.620 


675 


42.88 


63 


50661 


1917 


12.05 


19 


93945 


677 


42.19 


64 


48744 


1990 


11. 51 


20 


9326S 


6S0 


41.49 


65 


46754 


2061 


10.97 


21 


92583 


683 


4o.79 


66 


44693 


2128 


10.46 


22 


91905 


636 


40.09 


67 


42565 


21 91 


9.96 


23 


91219 


690 


39-39 


68 


40374 


2246 


9-47 


24 


90529 


694 


38.68 


69 


38128 


2291 


9.00 


25 


89335 


698 


37.98 


70 


35837 


2327 


8.54 


26 


89137 


703 


37.27 


7i 


33510 


2351 


8.10 


27 


88434 


708 


36.56 


72 


31159 


2362 


7.67 


23 


87726 


7H 


35.36 


73 


28797 


2358 


7.26 


29 


87012 


720 


35.15 


74 


26439 


2339 


6.86 


30 


86292 


727 


34-43 


75 


24100 


2303 


6.48 


31 


85565 


734 


33.72 


76 


21797 


2249 


6. 11 


32 


84831 


742 


33-OI 


7 Z 


19548 


2179 


5.76 


33 


84089 


750 


32.30 


73 


17369 


2092 


5.42. 


34 


33339 


753 


31.53 


79 


15277 


1987 


5.09 


35 


S2581 


767 


30.87 


So 


13290 


1866 


4.78 


36 


81S14 


776 


30.15 


81 


1 1424 


1730 


4.48 


37 


81038 


785 


29.44 


82 


9694 


1582 


4.18 


33 


80253 


795 


28 . 72 


83 


8112 


1427 


3.90. 


39 


79453 


805 


28.00 


84 


66S5 


1268 


3.65 


40 


78653 


815 


27.28 


85 


5417 


IIII 


3.36 


41 


77838 


826 


26.56 


86 


43o6 


958 


3.10 


42 


77012 


839 


25.84 


87 


3348 


811 


2.84 


43 


76173 


357 


25.12 


83 


2537 


673 


2.59 


44 


75316 


881 


24.40 


. 89 


1864 


545 


2.35 


45 


74435 


909 


23.69 


j 90 


1319 


427 


z.n 


46 


73526 


944 


22.97 


! 9i 


892 


322 


1.89 


47 


72582 


981 


22.27 


: 92 


57o 


231 


1.67 


48 


71601 


1021 


21.56 


i 93 


339 


155 


1-47 


49 


70580 


1063 


20.87 


1 94 


184 


95 


1.28 . 


50 


69517 


1 108 


20.18 


> 95 


89 


52 


1. 12 


51 


68409 


1156 


19.50 


96 


37 


24 


0.99 


52 


67253 


1207 


18.82 


1 97 


13 


9 


0.89 


53' 


66046 


1261 


18.16 


98 


4 


3 


o.75 


54 


64785 


1316 


17.50 


: " 


1 


1 


0.50 



132 



IX. BELGIAN TABLE (Adolphe Qtjetelet). 



Age. 


Living. 


Dying. 


Expectation. 


Age. 


Living. 


Dying. 


Expectation. 





1000 


149 


38.18 


50 


409 


8 


1959 


i 


851 


56 


43.78 


51 


401 


8 


18.97 


2 


795 


31 


45.82 


52 


393 


8 


'8.35 


3 


764 


19 


46.64 


53 


385 


8 


17.70 


4 


745 


15 


46.85 


54 


377 


8 


17.06 


5 


730 


10 


46.77 


55 


369 


8 


16.42 


6 


720 


9 


46.44 


56 


361 


8 


15.77 


7 


711 


8 


46.02 


57 


353 


8 


15.12 


8 


703 


6 


45.51 


58 


345 


8 


14.45 


9 


697 


6 


44-93 


59 


337 


9 


13.80 


IO 


691 




44.28 


60 


328 


10 


13.16 


ii 


686 




43.6o 


61 


318 


11 


12.56 


12 


682 




42.95 


62 


307 


12 


11.97 


I? 


679 




42.04 


63 


295 


12 


11.43 


H 


676 




41.22 


64 


283 


13 


10.92 


15 


673 




40.40 


65 


270 


13 


10.43 


16 


670 




39-53 


66 


257 


14 


9-93 


17 


666 




38.81 


67 


243 


H 


9-47 


18 


661 


8 


38.10 


68 


229 


14 


9.04 


19 


653 


8 


37-57 


69 


215 


15 


8.60 


20 


645 


8 


37.o6 


7o 


200 


15 


7.9i 


21 


637 


9 


36.51 


71 


185 


15 


7.83 


22 


628 


8 


36.01 


72 


170 


16 


7-57 


23 


620 


8 


35-49" 


73 


154 


15 


7.i3 


24 


612 


7 


34.92 


74 


139 


15 


6.87 


*S 


605 


7 


34- 32 


75 


.124 


13 


6.67 


26 


598 


7 


33.72 


76 


in 


IZ 


6.42 


27 


591 


7 


33.li 


77 


99 


11 


6. 14 


28 


584 


6 


32.50 


73 


88 


10 


5.86 


29 


578 


7 


31.85 


79 


78 


10 


5-54 


30 


57i 


7 


31.24 


80 


68 


9 


5.29. 


31 


554 


8 


30.62 


81 


59 


8 


5-01 


32 


556 


8 


29.87 


82 


5i 


8 


4.72 


33 


548 


8 


29.49 


83 


43 


7 


4.5i 


34 


540 


8 


28.91 


84 


36 


6 


4.22- 


35 


532 


8 


28.34 


85 


30 


5 


3-97 


36 


524 


8 


27.74 


86 


25 


5 


3-74- 


37 


5i6 


8 


27.19 


87 


20 


4 


345 


38 


508 


8 


26.60 


88 


16 


4 


3.29 


39 


500 


9 


26.03 


89 


12 


3 


3.09 


40 


491 


8 


25.47 


9o 


9 


3 


3- 11 


4i 


483 


8 


24.91 


91 


6 


1 


312 


42 


475 


"8 


24.27 


92 


5 


1 


2.89 


43 


467 


8 


23.72 


93 


4 


1 


2.52 


44 


459 


8 


2313 


94 


3 


1 


2.12 


45 


45i 


8 


22.53 


95 


2 





1.90 


46 


443 


9 


21.93 


96 


2 


1 


1. 7i 


47 1 


434 


9 


21.37 


97 


1 





1.50 


48 


425 


8 


20.79 


98 


1 


■ 


0.08 


49 ' 


417 


8 


20.20 


99 ! 





1 





133 



X. ENGLISH TABLE No. i (William Farr). 



Age. 


Living. 


Dying. 


Expectation. 


Age. 


Living. 


Dying. 


Expectation.. 


o 


1 0000 


1463 


41.17 


51 


4586 


75 


I9-83 


i 


8536 


526 


47.17 


52 


4511 


76 


19.17 


2 


8010 


271 


49-17 


53 


4434 


76 


18.50 


3 


7739 


185 


49.92 


54 


4358 


78 


17.83 


4 


7553 


133 


50. c8 


55 


4279 


84 


17.17 


5 


7420 


104 


50.00 


55 


4194 


90 


16. 50' 


6 


7315 


83 


49-75 


57 


4103 


96 


15.83 


7 


7^2 


67 


49.25 


53 


4007 


101 


15.17 


8 


7 :6t 


56 


43.75 


59 


39o5 


106 


14.58 


9 


7 ic3 


46 


48.08 


60 


3799 


112 


14.00 


IO 


yo5( 


39 


47.42 


61 


3687 


117 


13.42 


ii 


7022 


36 


4^-75 


62 


3569 


123 


12.83 


12 


G985 


35 


46.00 


63 


7446 


128 


12.25 


I? 


6pso 


4i 


45.17 


64 


331S 


133 


11.75 


14 


6)0} 


46 


44.42 


65 


3185 


138 


11. 17 


15 


C852 


49 


43.65 


65 


3046 


142 


10.67 


i6 


6313 


50 


43.00 


67 


2904 


U7 


10.17 


17 


6762 


5i 


42.34 


68 


2759 


150 


9.67 


iS 


6710 


52 


41.67 


69 


25o5 


153 


9-25~ 


19 


6658 


52. 


41.00 


7o 


2453 


156 


8.75 


20 


6605 


53 


40-34 


7i 


2297 


157 


8.34 


21 


6552 


54 


39.67 


72 


2130 


158 


7.92 


22 


6497 


SS 


39.00 


73 


1981 


158 


7.5o 


23 


6442 


55 


38.34 


74 


1823 


156 


7.08 


24 


6385 


55 


37.67 


75 


1666 


154 


6.75 


is • 


6329 


57 


37.00 


76 


1512 


151 


6.4^ 


26 


6271 


53 


36.34 


77 


1360 


146 


6.00 


27 


6213 


I 9 


35-67 


78 


1214 


140 


5.67 


28 


6154 


60 


35.00 


79 


1073 


134 


5 • 34 


29 


6094 


60 


34-34 


80 


939 


126 


5.08 


30 


6033 


61 


33.67 


81 


3i3 


117 


4-75 


3i 


5971 


62 


33.00 


82 


6 9 5 


108 


4.5o 


}2 


5909 


63 


32.34 


33 


583 


93 


4.25 


33 


5345 


63 


31.67 


84 


490 


87 


4. CO 


34 


5782 


64 


31.08 


85 


402 


77 


3.75 


3 5 


5717 


65 


30.42 


85 


324 


67 


3.5o 


36 


5^51 


65 


29.75 


87 


257 


57 


3-34 


37 


5585 


66 


29.08 


88 


200 


47 


3.c8 


33 


55i3- 


67 


28.42 


89 


152 


33 


2 92 


39 


5451 


68 


27.75 


90 


114 


32 


2.75 


40 


5382 


69 


27.17 


91 


82 


24 


2.58 


4i 


5313 


69 


26.50 


92 


53 


18 


2.42 


42. 


5243 


70 


25.83 


93 


40 


13 


2.34 


43 


5173 


7i 


25.17 


94 


27 


10 


2.17 


44 


5102 


7i 


24.50 


9 t 


17 


6 


2.0S 


45 


503O 


72 


23.83 


96 


11 


5 


1.20 


46 


4957 


73 


23.17 


97 


6 


2 


1. 16 


47 


4884 


73 


22.50 


98 


4 


2 


1. 00 


4 3 


481 1 


74 


21.83 


99 


2 


1 


o.75 


49 


4736 


74 


21.17 


100 


1 


1 


0.00 


50 


4662 


75 


20.58 


IOI 










134 



XI. ENGLISH TABLE No. 2 (William Farr). 



Age. 


Living. 


Dying. 


Expectation. 


Age. 


Living. 





5126235 


8i733i 


40.36 


55 


2i47i8oi 


I 


4308904 


281493 


46.95 


53 


2100177 


2, 


4027411 


145352 


49.20 


57 


2051647 


3 


$382059 


95786 


50.03 1 


53 


1999726, 


4 


3786273 


69451 


50.28 j 


59 


1944693! 


5 


3716S22 


50073 


50.21 


60 


1836/79! 


6 


3666749 


36653 


4.0.89 


61 


'326i8oj 


7 


3630096 


3I33I 


49.39 


1 hi 


17J3061! 


8 


3598765 


26047 


48 8t 1 


1 63 


1697564! 


9 


3572718 


22976 


48.16 


| 64 


1529820 


ID 


3549742 


19260 


47-47 


' 65 


1559959 


II 


3530482 


16926 


46.73 


; 65 


1488118 


12 


3513556 


i5653 


45-95 


1 67 


I4I4455 


13 


349688S 


16496 


45.17 


1 63 


I339 J 53 


14 


3480392 


19061 


44.33 


! 69 


1252435 


15 


346I33I 


17203 


43.62 


1 70 


1184564 


16 


S444I28 


19532 


42.84 


71 


1 105855 


17 


3424596 


22674 


42.08 


i 72 


1026673 


IS 


3401922 


25802 


4L35 


: 73 


917439 


19 


337612c 


26861 


40.67 


74 


853522 


23 


3 349259 


27125 


39-99 


75 


790738 


21 


3322134 


27380 


39.31 


76 


714338 


22 


3294754 


27629 


38.63 


77 


639996 


23 


3267125 


27879 


37.96 


73 


558 292 


24 


3239246 


2S128 


37.23 


79 


499793 


25 


321111S 


28383 


36.60 


SO 


435034 


26 


3182735 


23647 


35.92 


81 


374494 


27 


315408S 


28924 


35.24 


82 


318580 


23 


3125164 


29215 


34-57 


S3 


257601 


29 


3^95949 


29525 


33.89 


84 


221762 


3^ 


3356424 


29856 


33.21 


85 


181148 


Si 


3036568 


30208 


32.53 


S5 


145723 


32 


3006360 


305S5 


31.35 


87 


115336 


33 


2975775 


30990 


. 31.17 


83 


89725 


34 


2944785 


31420 


30.50 


89 


68539 


35 


2913365 


318S6 


29.82 


90 


51355 


36 


2331479 


3^379 


29.15 


91 


37703 


37 


2849100 


32905 


18.47 


92 


27092 


33 


2816195 


33464 


27.80 


93 


19032 


39 


2782731 


34053 


27.13 


94 


13055 


40 


2748678 


34673 


26.46 


95 


8734 


4i 


2714000 


35334 


25.79 


96 


5591 


42 


2678666 


36024 


25.12 


97 


3608 


43 


2642642 


36743 


24.46 


93 


2222 


44 


2605899 


37495 


23.79 


99 


1328 


45 


2568404 


38272 


23.13 


100 


769 


46 


r.530132 


39077 


22.43 


101 


43i 


47 


2491055 


39908 


21.82 


102 


233 


48 


2451 147 


40759 


21.17 


103 


122 


49 


2410388 


41629 


20.52 


104 


61 


50 


2368759 


42514 


19.87 


105 


30 


51 


2326245 


43412 


19.22 


106 


14 


52 


2282833 


44315 


18.58 


107 


6 I 


53 


2238518 


45219 


17-94 


io3 


3 


54 


2193299 


4S119 


17.30 


l 109 


j| 




47003 


16.66 


48530 


16.02 


51921 


15-39 


5503 3 


14.77 


579U 


14. iS 


60599 


1 3 . 60 


63119 


13.03 


65497 


12. 48 


67744 


11.94 


69861 


11.42 


71841 


10.90 


73663 


10.41 


75302 


9.92 


75718 


9-45 


77871 


9. CO 


7870; 


8.55 


79182 


8.13 


7923 1 


7.72 


78817 


7-32- 


77881. 


6.94 


75400 


6.57 


74342 


6.22 


7170^ 


5.89 


63499 


5.57 


64759 


5.26 


-0540 


4-97 


559-4 


4.7o 


50979 


4-44 


45839 


4.19 


40614 


3.96 


35425 


3-74 


303S7 


3-53 


25611 


3-33 


2ii85 


3.14 


17181. 


2.97 


13652 


2.80 


10611 


2.65 


8060 


2.50 


5977 


2.36 


432i 


2.23 


3043 


2. 11 


2083 


2.00 


1385 


1.89 


894 


1.79 


559 


1.69 


338 




198 




in 




61 




3i 




16 





3 ! 



XII. FARR'S ENGLISH TABLE No. 3.— Males.* 



Age. 


Living. 


Dying. 


Expectation. 


Age. 


Living. 


Dying. 


Expectation. 





5"745 


83719 


39-9 1 


55 


209539 


5144 


16.4c 


1 


t 428026 


27521 


46.65 


56 


204395 


5281 


15.86 


2 


400505 


14215 


48.83 


57 


199114 


5428 


15.26 


3 


3S6290 


9213 


49.61 


58 


193686 


5534 


14.68 


4 


377077 


6719 


49.81 


59 


188102 


5752 


14.10 


5 


370353 


5033 


49-71 


60 


182350 


5929 


13.53 


6 


363325 


3953 


49-39 


61 


1 7642 1 


6118 


12. 96 


7 


361372 


1 33io 


48.92 


62 


170303 


6314 


I 12,41 


8 


358062 


I 2734 


43.37 


63 


163989 


6515 


11.87 


9 


3553^3 


2297 


47-74 


64 


157474 


6720 


11.34 


10 


553031 


1983 


47-05 


65 


150754 


6921 


10.82 


11 


35104S 


1776 


46.31 


66 


143333 


7115 


10.32 


12 


349272 


1666 


45-54 


67 


136718 


7297 


9.83 


M 


347606 


1637 


44.76 


68 


1 2942 1 


7458 


8.36 


14 


345969 


1679 


43-97 


69 


121963 


7593 


8.90 


15 


344290 


1781 


43-18 


7o 


1 14370 


7695 


8.45 


16 


342509 


1928 


42.40 


7i 


106675 


7756 


8.03 


. 17 


340581 


2112 


41.64 


72 


98919 


7770 


7.62 


18 


338469 


2320 


40.90 


73 


91 149 


7733 


7.22 


19 


336149 


2541 


40. vi 


74 


83416 


7639 


6.85 


20 


33360S 


2764 


39-43 


75 


75777 


7433 


6.49* 


21 


330844 


2801 


38.80 


76 


68294 


7268 


6.1c 


22 


328043 


2836 


38.13 


77 


61026 


6990 


5.82- 


23 


325207 


2868 


37.46 


73 


54036 


6655 


5.51 


n 


322339 


2897 


36.79 


79 


47381 


6266 


5.21 


25 


319442 


2926 


36.12 


80 


41115 


5832 


4-93 


25 


316516 


2954 


35-44 


81 


35283 


5361 


4.66 


27 


313562 


2981 


34-77 


82 


29922 


4862 


4.4i 


28 


3105S1 


3009 


34.10 


83 


25060 


4349 


4.17 


29 


307572 


3038 


33-43 


84 


2071 1 


3834 


3-95 


30 


304534 


3068 


32.76 


85 


16877 


3328 


3-73 


3i 


301466 


3 ICO 


32.09 


86 


13549 


2840 


3-53 


32 


29?366 


3134 


3L42 


87 


10709 


2384 


3-34 


33 


295232 


3171 


3o.74 


88 


8325 


1965 


3.16 


34 


292061 


3211 


30.07 


89 


6360 


1590 


3.00 


35 


288S50 


3254 


29.40 


90 


477o 


1260 


2.84 


36 


285596 


3300 


28.73 


9i 


3510 


979 


2.69 


37 


282296 


3352 


28.06 


92 


2531 


744 


2.55 


38 


278944 


3406 


27.39 


93 


1787 


553 


2.41 


39 


275533 


3465 


26.72 


94 


1234 


401 


2.29 


40 


272073 


3529 


26.06 


95 


833 


285 


2.17 


41 


268544 


3596 


25.39 


96 


548 


196 


2.06 


42 


264948 


3668 


54-73 


97 


352 


132 


1-95 


43 


261280 


3746 


24.07 


98 


220 


86 


1.85 


44 


257534 


3826 


23.41 


99 


134 


55 


1.76 


45 


253708 


3912 


22.76 


100 


79 


33 


1.68 


46 


249796 


4001 


22.11 


101 


46 


21 




n 


245795 


4095 


21.46 


102 


25 


11 




48 1 


241700 


4192 


20.82 


103 


14 


7 




49 ! 


237508 


4292 


20.17 


104 


7 


3 




50 i 


233216 


4395 


19.54 


105 


4 


2 




51 | 


228821 


4626 


18.90 


106 


2 


1 






254195 


4753 


18.28 


107 


1 


1 




& 1 


219437 


4885 


17.67 


108 










54 1 


214552 


5013 


17.06 


109 




1 





* Dr. Fair's English Life, Males, No. 3, has recently been adopted by the 
Legislature cf New York as the basis of annual valuations of life policies by 
the New York Insurance Department— interest assumed at 5 percent. 



136 



^ t 2 



E 5 



oo ui o w-i o 



>-} . . *« M I* M « ►* n M 



h 


'53 






E 


X 















•—1 


O 






h 


.2 






£ 


o 

Q. 
O 






Q 


3 






25 


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DISCOUNT TABLE.* 

Present Valus of One Dollar, diz at the end of any number of Years not 
exceeding iod. 



End 

of 

Year. 



I 



4 per Cent. 5 per Cen'. 6 per Cent. 



cr' 4 per Cent. 5 per Cent. 6 per Cent. 
Year. 



I 


.961538 


.952381 


. 9*3396 


5i 


.135301 


.0S3051 


.051215 


2 


.924556 


. 907029 


.88999') 


52 


.130097 


.079096 


.04S316 


3 


.888996 


.86383S 


.839619 


53 


.125093 


.075330 


.045582 


4 


.854804 


.822702 


.792094 


54 


. 120282 


.071743 


.043001 


5 


.821927 


.783526 


.747258 


55 


.115656 


.068326 


. 040567 


6 


.790315 


.746215 


.704961 


56 


.111207 


.065073 


.038271 


7 


.759918 


.710681 


.665057 


57 


.106930 


.061974 


.036105 


8 


.730690 


,676839 


.627412 


58 


.102817 


.059023 


.034061 


9 


.702587 


.641609 


.591898 


59 


.098863 


.056212 


.032133 


iO 


.675564 


.613913 


.588395 


60 


.095060 


.053536 


.030314 


ii 


.649581 


.584679 


.526788 


61 


.091404 


. 0509S6 


.028598 


ii 


.624597 


.556837 


.496969 


62 


.087889 


.048558 


.026980 


13 


.600574 


.530321 


.468839 


63 


.084508 


. 046246 


.025453 


14 


• 577475 


. 505068 


.442301 


64 


.081258 


.044044 


.024012 


15 


.555265 


.481017 


.417265 


i 65 


.078133 


.041946 


.022653 


16 


0J3908 


.458112 


• 393646 


66 


.075128 


.039949 


.021370 


17 


•513373 


.436297 


.371364 


67 


.072238 


.038047 


.020161 


iS 


.493628 


.415521 


.350344 


, 68 


. 069460 


.036235 


.019020 


19 


.474642 


•395734 


.330513 


, 69 


.066788 


.034509 


.018943 


20 


.4563 87 


. 276889 


.311805 


' 70 


.064219 


.032866 


.016927 


21 


.438S34 


.358942 


.294M5 


7i 


.061749 


.031301 


.015969 


22 


.421955 


.341850 


.277505 


72 


.059374 


.029S11 


.015065 


23 


.405726 


.325571 


.261797 


; 73 


.057091 


.028391 


.014213 


24 


.39 OI 2i 


.310068 


• 246979 


74 


•054895 


.027039 


.013408 


^5 


•375H7 


.295303 


.232999 


, 75 


.052784 


.025752 


.012649 


26 


. 360689 


.1181241 


.219810 


1 76 


.050754 


.024525 


.011933 


27 


.346S17 


.267848 


.207368 


! 77 


.048801 


.023353 


.011258 


28 


•333477 


.255094 


.195630 


: 7 3 


. 046924 


.022245 


.010620 


29 


.320651 


.2429*6 


.184557 


i 79 


.045120 


.021186 


.010019 


30 


.308319 


.231377 


.174110 


; 80 


.043384 


.020177 


.009452 


3i 


. 296460 


.220359 


. 164255 


! 81 


.041716 


.019216 


.008917 


32 


.285058 


. 209866 


.154957 


82 


.040111 


.018301 


.008412 


33 


.274094 


.199873 


.146186 


1 83 


.038569 


.017430 


.007936 


34 


.263552 


.193355 


.137912 


84 


.037085 


.016600 


.007487 


35 


.253415 


. 181290 


.130105 


35 


.035659 


.015809 


.007063 


36 


.243669 


.172657 


.122741 


85 


.034287 


.015056 


.006663 


37 


.234297 


. 164436 


• "5793 


87 . 


.032969 


.OI43 39 


.006286 


33 


.225285 


.156605 


.109239 


88 


.037701 


.013657 


.005930 


39 


.216621 


. 149148 


. 103056 


89. 


.030481 


.013006 


.005595 


40 


.208289 


. 142046 


.097222 


90 


.029309 


.012387 


.005278 


4* 


. 200278 


.135282 


.091719 


9i 


.028182 


.OH797 


.004979 


42 


.192575 


.128840 


.086527 


92 


. 027098 


.011235 


.004697 


43 


.185168 


.122704 


.081630 


93 


.026056 


.010700 


.004432 


4 + 


. 1 7S046 


.116861 


. 077009 


94 


.025053 


.010191 


.004181 


45 


.171198 


.111297 


.072650 


95 


.024090 


.009705 


.003944 


46 


.164614 


• 105997 


.068538 


96 


.023163 


.009243 


.003721 


47 


.158283 


.100949 


.064658 


97 


.022272 


. 008803 


.003510 


43 


.152195 


.096142 


. 060998 


98 


.021416 


.008384 


.003312 


49 


.146341 


.091564 


•057546 


99 


.020592 


.007985 


.003124 


5o 


.140713 


.087204 


.054288 


100 


.019800 


. 007604 | 


.002947 . 



* This Table shows the present value of future payments of One Dollar for any 
number of years to 100, and will prove useful both to the student of the science 
and to the solicitor. 



COMPARATIVE MORTALITY TABLE— I. 

Showing how many Persons will survive each Year out of the number etarting in 
the Year of life indicated by the several Tables. 





Dr. Farr's 




Adjusted 




Dr. Farr's 




Age. 


English 

Life. 

Male No. 3. 


Actuaries. 


Experience 

of 
Mut. Life* 


Age. 


English 

Life. 

Male No. 3. 


Actuaries 


o 


S«,745 






55 


209,539 


63,469 


i 


428,026 






56 


204,395 


62,094 


z 


400,505 






57 


199,114 


60,658 


3 


386,290 






58 


193,686 


59,161 


4 


377,077 






59 


188,102 


57,6oo 


5 


370,358 






60 


182,350 


55,973 


6 


365,325 






61 


176,421 


54,275 


7 


361,372 






62 


170,303 


52,505 


8 


358,062 






63 


163,989 


50,661 


9 


355,328 






64 


157,474 


48,744 


IO 


353,o3i 


100,000 


100,000 


65 


i5o,754 


46,754 


ii 


351,048 


99,324 


99,259 


66 


143,833 


44,693 


12 


349,372 


98,650 


98,520 


67 


136,718 


42,565 


13 


347,606 


97,973 


97,782 


68 


129,421 


4o,374 


14 


345,9°9 


97,307 


97,045 


69 


121,963 


38,128 


15 


344,29o 


96,636 


96,309 


70 


U4,37o 


35,837 


16 


342,509 


95,965 


95,574 


7i 


106,675 


33,5io 


n 


340,581 


95,293 


• 94,840 


72 


98,919 


3i,i59 


IS 


338,469 


94,620 


94,107 


73 


91,149 


28,797 


x 9 


336,149 


93,945 


93,375 


74 


83,416 


26,439 


20 


333,608 


93,268 


92,644 


75 


75,777 


24,100 


21 


330,844 


92,588 


91,912 


76 


68,294 


21,797 


22 


328,043 


91,905 


91,180 


77 


61,026 


19,548 


n 


325,207 


91,219 


90,447 


73 


54,o36 


17,369 


2 4 


322,339 


90,529 


89,714 


79 


47,38i 


15,277 


25 


319,442 


89,835 


S8,98o 


80 


41,115 


13,290 


26 


316,516 


89,137 


88,245 


81 


35,283 


11,424 


27 


313,562 


88,43a. 


87,510 


82 


29,922 


9,694 


28 


310,581 


87,726 


86,774 


83 


25,060 


8,112 


29 


307,572 


87,012 


86,037 


84 


20,711 


6,685 


30 


304,534 


86,292 


85,299 


! 85 


16,877 


5,417 


31 


301,466 


85,565 


84,561 


j 86 


13,549 


4,3c6 


32 


298,366 


84,831 


83,822 


87 


10,709 


3,348 


33 


295,232 


84,089 


83,083 


88 


8,325 


2,537 


34 


292,061 


83,339 


82,343 


89 


6,360 


1,864 


35 


288,850 


82,581 


81,603 


90 


4-, 77o 


Mi9 


36 


285,596 


81,814 


So,863 


9i 


3,5io 


892 


37 


282,296 


81,038 


80,123 


92 


2,53i 


57o 


3S 


278,944 


80,253 


79,385 


93 


1,787 


3.39 


39 


275,533 


79,458 


78,649 


94 


1,234 


184 


40 


272,073 


78,653 


77,917 


95 


833 


89 


4i 


268,544 


77,838 


77,191 


96 


548 


37 


42 


264,948 


77,012 


76,47o 


97 


352 


13 


43 


261,280 


76,173 


75,753 


98 


220 


4 


44 


257,534 


75,3i6 


75,o34 


99 


134 


1 


45 


253,708 


74,435 


74,305 


100 


79 





46 


249,796 


73,526 


73,555 


IOI 


46 




47 


245,795 


72,582 


72,771 


102 


25 




48 


241,700 


71,601 


71,947 


103 


14 




49 


237,508 


70,580 


71,080 


104 


7 




5o 


233,216 


69,517 


70,172 


105 


4 




5i 


228,821 


68,409 


69,231 


106 


2 




52 


224,195 


67,253 


68,265 


107 


1 




53 


219,437 


66,046 


67,275 


108 







54 


214,552 


64,785 


66,257 









Adjusted 
Experience 

of 
Mut. Life.* 



65,208 
64,122 
62,991 
61,806 
6o,559 
59,242 
57,843 
56,358 
54,78o 
53,105 
5i,33i 
49,453 
47,475 
45,393 
43,200 
40,896 
38,469 
35,93o 
33,307 
3o,577 



17,669 



7,732 



2,156 



* This does not by any means give the exact mortality experienced by the Mu- 
rual Life Insurance Company. 



COMPARATIVE MORTALITY TABLE— II.* 



Showing the number expected to die out of i,ooo persons entering each year, ac- 
cording to three English and one American Experience Tables ; also, in the 
fifth column, the number actually dying, as proven by the Massachusetts Com- 
missioners' observations among insured lives during seven years — 1859 to I 865. 

















| 

! Eriglish Life. 
No. 3. 






1 

! Mutual Life. 


Massachusetts 


Age. 


Carlisle. 


'< Actuaries. 


General 


Experience. 








i Experience. 


7 yeais. 


2> 


9.20 


7.31 


7-77 


8.26 


7.01 


26 


9-33 


7.36 


7.88 


8-33 


6.69 


27 


9-55 


7.76 


8.00 


8.41 


6.59 


28 


9.74 


8.69 


8.13 


8-49 


6.74 


29 


9-93 


9.82 


8.27 


8.57 


6.80 


30 


10.13 


10.10 


8.42 


8.66 


7.42 


31 


10.34 


10.20 


8-57 


8.74 


8.01 


32 


10.56 


10.13 


8-74 


8.82 


6.76 


33 


10.80 


10.05 


8.91 


8.91 


6.05 


34 


11.05 


10.15 


9.09 


8.99 


8.14 


35 


11.33 


10.25 


9.28 


9.07 


7-43 


36 


11.62 


10.55 


9.48 


9-15 


6.34 


37 


II.94 


10.85 


9.68 


9.21 


6.56 


33 


12.29 


11. 16 


9.90 


9.27 


8.12 


39 


12.65 


11.87 


16.13 


9.31 


8.51 


40 


13.06 


13.05 


10.36 


9.32 


8.68 


4i 


13.43 


13.77 


10.61 


9-34 


7.83 


42 


13.94 


14-37 


10.89 


i 9-38 


8.40 


43 


14.44 


14.58 


11.25 


i 9-49 


7.09 


44 


14.97 


14.79 


11.69 


9.72 


9-49 


45 


15.54 


14.80 


12.21 


10.10 


8.53 


46 


16.15 


14.81 


12.83 


10.66 


9-74 


47 


16.18 


14.60 


13.51 


11.33 


9.19 


48 


17.49 


13.93 


14.25 


12.05 


10.28 


49 


18.23 


13.68 


15.06 


12.77 


9-59 


50 


19.02 


13.41 


15.93 


13.41 


9-73 


5i 


20.42 


14.29 


16.89 


13.95 


10.14 


52 


21-45 


15.20 


J 7-94 


14.51 


10.63 


53 


22.51 


16.14 


19.09 


15.13 


13.13 


54 


23.64 


16.89 


20. 31 


15.83 


14-34 


55 


24.85 


17.92 


21.66 


16.66 


12.07 


56 


26.17 


19.00 


23.12 


17.64 


13.30 


57 


27.63 


20.89 


24.67- 


18.81 


16.46 


53 


29.25 


24.20 


26.38 


20.17 


17.04 


59 


31.05 


28.27 


28.24 


21.75 


19.77 


60 


33.05 


33-48 


30.33 


23.61 


20.95 


61 


35.29 


35.78 


32.61 


25.68 


20.79 


62 


37-77 


37.40 


35.12 


28.00 


18.92 


63 


40.53 


38.25 


37-83 


3o.57 


27.43 


64 


43.60 


39-77 


40.82 


33.4o 


25.55 


65 


46.98 


41.08 


44.08 


36.59 


35.13 


66 


TO. 71 


42.50 


47.6i 


40.00 


30.07 


67 


54.83 


44.38 


51.47 


43.86 


40.15 


68 


59-33 


46.45 


55.63 


48.31 


42.65 


69 


• 64.25 


49.10 


60.08 


53-33 


33.05 


70 


1 69 . 62 


51.64 


64.93 


59-35 


68.00 


99 


1 


1000.00 


1000.00 

1 


1000.00 





* As it will be interesting and instructive still farther to show the results of ob- 
servations upon AMERICAN lives, in comparison with other calculations made in 
England, we append two other Comparative Mortality Tables. 



141 



COMPARATIVE MORTALITY TABLE— III. 

Showing the number of deaths in the year following each year of age from 
twenty-five to seventy inclusive, out of one thousand persons living at 
each of such ages, according to the experience of the three several Tables 

of mortality known as the Carlisle, the Actuaries' or Combined Ex- 
perience, and the English Life, compared with Mutual Benefi* 
Tables. 



rcrsora 


AGE. 


Deaths in next y'r 


Deaths in next year 


Deaths in next year 


Deaths in next yetf 


LrriD;, 


Mutual Bene5t 


Carlisle. 


Actuaries'. 


English Life. 


IOOO 


25 


4.24 


7.31 


7.77 


9.20 


IOOO 


26 


IO.29 


7.36 


7.88 


9.38 


IOOO 


27 


9.91 


7.76 


8.00 


9.^5 


IOOO 


28 


8.42, 


8.69 


8.13 


[ 9.74 


IOOO 


29 


8.32 


9.82 


8.27 


9-93 


IOOO 


30 


6.98 


IO.IO 


8.42 


10.13 


IOOO 


31 


8.28 


I0.20 


3.57 


10.34 


IOOO 


32 


9.80 


IO.I3 


8.74 


IO.56 


3O0O 


33 


8.18 


IO.05 


8. 9 t 


I0.8O 


IOOO 


34: 

35 


9.71 


IO.I5 


9.09 


II.05 


IOOO 


7-52 


IO.25 


9.28 


".33 


IOOO 


36 


8.69 


10.55 


9.48 


11.62 


IOOO 


37 


9-74 


IO.85 


9.68 


H.94 


IOOO 


38 


8.91 


II. 16 


9.90 


12.29 


IOOO 


39 


10.21 


II.87 


10.13 


12.65 


IOOO 


40 


7.58 


13.05 


10.36 


13.06 


IOOO 


41 


12.01 


13.77 


10.61 


13.48 


IOOO 


42 


8.24 


14.37 


10.89 


13.94 


IOOO 


43 


12.03 


14.58 


11.25 


14.44 


IOOO 


44 


11.38 


14.79 


11.69 


14.97 


IOOO 


45 


10. 11 


I4.80 


12.21 


15.54 


IOOO 


46 


8.33 


I4.8I 


12.83 


16.15 


IOOO 


47 


12.63 


I4.60 


13.51 


16.80 


IOOO 


48 


12.60 


13.93 


14.25 


17.49 


IOOO 


49 


11. 13 


13.68 


I5.06 


18. 23 


IOOO 


50 


16.30 


13.41 


15.93 


19.02 


IOOO 


51 


14.09 


I4.29 


16.89 


20.42 


IOOO 


52 


11.25 


I5.20 


'7-94 


21.45 


IOOO 


53 


19.50 


16.14 


19.09 


22.51 


IOOO 


54 


15.27 


16.89 


20.31 


2364 


IOOO 


55 


12.95 


17.92 


21.66 


24.85 


IOOO 


56 


20.69 


I9.OO 


23.12 


26.17 


IOOO 


57 


21.76 


20.89 


24.67 


27.63 


IOOO 


58 


19-58 


24.20 


26.38 


29.25 


IOOO 


59 


21.13 


28.27 


28.24 


31.05 


IOOO 


60 


26.67 


33.48 


30.33 


33.05 


IOOO 


61 


28.24 


35.78 


32.61 


35.29 


IOOO 


62 


26.03 


37.40 


35.12 


37-77 


IOOO 


63 


17.76 


38.25 


37.83 


40.53 


IOOO 


64 


17.59 


39.77 


40.82 


43.6o 


IOOO 


65 


16.55 


41.08 


44.08 


46.98 


IOOO 


66 


40.98 


42.50 


47.6i 


50.71 


IOOO 


67 


34.31 


44.38 


5L47 


54.8J 


IOOO 


68 


53.89 


46.45 


55.63 


5933 


IOOO 


69 


25.08 


49.10 


60.08 


64.25 


XOOO 


70 


26.78 


51.64 


64.93 


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ILLUSTRATIVE CALCULATIONS. 



THESE EXAMPLES ARE MERELY SUPPOSED CASES. 



EXAMPLE I. 

COMMON LIFE POLICY— ALL CASH. 

ANNUAL PAYMENTS. 

Showing calculations on ordinary Life Policy, all cash. Age, 36. Amount, 
$10,000 Premium, $279. Dividend, 40 per cent., applicable at end of three years, 
i. e., on fourth annual premium. 

Parties age 36 years. 

Amount of Policy $10,000 

A nnual premium $279 00 

Premium first, second, and third years $279 00 

Fourth year's premium, less 40 per cent, dividend, (£279x40=) 

$111.60 ill 60 

$111 60 

Total cash for fourth year, and each year thereafter, $167 40 



155 

EXAMPLE II. 

COMMON LIFE POLICY— ALL CASH. 

IN QUARTERLY, THRICE, AND SEMI-ANNUAL PAYMENTS. 

Shewing calculations on ordinary Life Policy, all cash, semi-annual, thrice- 
annual, and quarterly payments. Age 36. Amount $10,000. Premium $279. 

SEMI-ANNUAL PAYMENTS. 

Annual Premium $2,79 00 

Add 2 per cent . * for interest on the deferred payment 5 58 

Total $284 58 

Half cash in advance $142 29 

Half cash in six months 142 29 

THRICE-ANNUAL PAYMENTS. 

Annual Premium $279 00 

Add 2-J per cent . for interest on deferred payments 6 98 

Total $285 98 

One-third cash in advance $95 33 

Second and third payments due in four and eight months, respectively 95 33 

QUARTERLY PAYMENTS. 

Annual premium S279 00 

Add 3 per cent for interest on deferred payments 837 

Total $287 37 

One-fourth cash in advance 71 84 

Second, third, and fourth payments, due in three, six, and nine months, 

respectively $71 84 

* The percentage on the deferred payments varies in different companies. In 
this calculation it is assumed at two per cent, on semi-annual payments ; two and 
a half on thrice-annual ; and three percent, on quarterly payments. On any other 
percentage the principle of reckoning is the same. 



156 



EXAMPLE III. 

COMMON LIFE POLICY— NOTE OR LOAN. 
FIRST YEAR. 

Showing the calculations of an ordinary Life Policy. Age, 36. Amount of 
policy, $10,000. Amount of premium, $279. Rate of interest, 7 per cent., pay- 
able in advance. Dividend, 40 per cent., payable at end of three years, i. £., on 
the fourth annual premium. One-third loan, or note. 

Party's age (nearest birthday) 36 years. 

Amount of policy $10,000. 

Annual premium, $279. 

Cash for two-thirds $186 00 

Cash for interest on loan (of $93) one year 6 09 

First payment being $192 09 

In case of semi-annual payment of premium. Amount of annual premium, $279. 

Loan for one-third $93 00 

Whole amount of cash part 186 00 

Half of amount of cash part , $93 00 

Interest on loan ($93) one year 6 09 

Interest on $93 (one-half cash part deferred) for six months 3 05 

Total cash payment $102 14 

Total cash payment in six months (being second semi-annual payment), $93. 

In case of tri-annual payment of premium. Amount of annual premium, $279. 

Loan of one third $93 00 

Cash for one-third of cash part $62 00 

Interest on loan ($93) one year 6 09 

Interest on $62 for one year (one-third deferred four months, 
and one-third eight months, equal to cne-third $'62 deferred 
one year) 4 °6 

Total cash payment $72 *5 

Seeond and third payments being, $62.00. 



157 
EXAMPLE IV. 

COMMON LIFE POLICY— NOTE OR LOAN. 
SECOND, THIRD, AND FOURTH YEARS. 

Showing payment for second, third, and fourth years on Example I. Also, appli- 
cation of dividend to fourth year's premium. 

SECOND YEAR. 

Annual premium, $279. 

Cash for two-thirds $186 00 

Interest on two loans ($93 each) 12 18 



Total cash $198 18 



THIRD YEAR. 

Cash for two-thirds $186 00 

Interest on three loans ($93 each) 18 27 



Total cash $204 27 



FOURTH YEAR. 

Same as third year $204 27 

Dividend of 40 per cent, applies $111.60, which will cancel first year's 
loan ($93.), and a balance in favo- of party insured of 18 60 



Total cash fourth year, and thereafter $185 6 



158 



EXAMPLE V. 

COMMON ENDOWMENT POLICY— NOTE OR LOAN. 

FIRST YEAR. 

Showing calculations on Common Endowment Policy. Age, 35, payable at 
death or 50 years of age. Amount of policy, Sio,ooo. Premium, $689.40. Loan 
or note, one-third, $229.80. Rate of interest, 7 per cent., payable in advance. 
Dividend, 40 per cent., payable at end of three years, i. £., on the fourth annual 
premium : 

Amount of annual premium, $689.40. 

Cash for two-thirds $459 60 

Cash for interest on loan ($229.801 15 09 



Total cash $474 69 

IN CASE OF SEMI-ANNUAL PREMIUM. 

Amount of annual premium $689 40 

Loan for one-third 229 80 



Whole amount of cash part $459 60 

Half amount of cash part $229 8a 

Interest on loan ($229.80) one year. 15 09 

Interest on $229.80, deferred six months (one-half interest on 

loan) 7 53 



Total cash payment S252 44 

Second semi-annual (due in six months), $229.80. 

IN CASE OF TRI-ANNUAL PAYMENT OF PREMIUM. 

Amount of annual premium $689 40 

Loan of one-third 229 80 



Cash for one-third of cash part ($459.60) $153 20 

Interest on loan, as before 15 09 

Interest on deferred cash (calculated the same as in Example I, 10 03 

Total cash payment $178 32 

Second and third payments of $153.20 each, due in four and eight months,, 
respectively. 



159 
EXAMPLE VI. 

COMMON ENDOWMENT POLICY— SECOND, THIRD, AND FOURTH 

YEARS. 

Showing the payments on the second, third, and fourth years, on Example V. 
Also, application of dividend to fourth year's premium. 



SECOND YEAR. 

Annual premium, $689.40. 

Cash for two-thirds $459 60 

Interest on two loans ($229 . So each) 3018 



Total cash $489 78 



THIRD YEAR. 



Cash for two-thirds $459 60 

Interest on three loans (6229.80 each) 45 zj 



Total cash S504 87 



FOURTH YEAR. 

Same as third year $504 87 

Dividend, say 40 per cent., applies $275.76, which will cancel one year's 

loan, $229.80, and a balance in favor of party insured of $45 96 



Total cash fourth year, and each year thereafter $458 91 



160 
EXAMPLE VII. 

CALCULATIONS UPON THE CONTRIBUTION PLAN OF DIVIDENDS. 

The following able and lucid exhibit of the CONTRIBUTION PLAN, which is 
now attracting special attention, is by Mr . W . E . Harvey of Chicago : 

Life Insurance premiums are made up of three parts : — first, the net cost of insur- 
ance for the current year ; second, the premium reserve, or amount necessary to 
have on hand invested, at the close of the year, to meet the future increase of risk ; 
and third, the loading, or margin, added to the net premium, to defray the necessary 
expenses, and cover any extraordinary losses consequent upon epidemics, etc., and 
provide for any deficiency caused by receiving a lower rate of interest than that 
assumed. 

Dividends are usually made upon either the "percentage plan, 11 by which all of 
the profits of the Company are thrown into a common fund, and distributed by an 
equal percentage to the Policy-holders upon the premiums paid, or upon the "con- 
tribution plan," by which each Policy-holder receives his dividend in proportion to 
the amount his own money has earned or contributed to the surplus. 

If, during the year, the expenses equal the loading, the interest received and mor- 
tality experienced be that assumed in the construction of the premium tables, there 
will be nothing to divide. But so far, in American experience, the rate of interest 
received has been much higher, and the rate of mortality and expenses lower than 
that assumed, thereby saving a profit or surplus to the Company, to show the equit- 
able distribution of which to the Policy-holders, and how the dividends increase 
with the age of the Policy, or if allowed to accumulate, will soon form a fund the 
interest upon which will be sufficient to pay the annual premium, or if applied to 
the purchase of additional insurance, will materially increase the Policy, is the ob- 
ject of this article. 

This profit or surplus is derived from three legitimate sources, viz. : 

ist. Excess of loading, or that portion of the margin not required for expenses or 
adverse contingencies. 

2d. Excess of interest, being the difference between the table rate and that actually 
received. 

3d. Excess of vitality, or that portion of the assumed cost of insurance not required 
to pay losses, in consequence of the mortality proving less than anticipated. 

There is another great source of profit in some Companies, arising from lapsed or 
forfeited Policies, which, in the following calculation, is not taken into account, as 
it is to be hoped those Companies which now take advantage of the misfortunes of 
such of their Policy-holders as are unable, through adverse circumstances, to continue 
the payment of their premiums, by appropriating the value of such Policies, will 
soon see the justice and necessity of abandoning that part of their practice, and give 
to their unfortunate patrons the full worth of their money, either in insurance, as 



161 

the Massachusetts companies are obliged by law to do, or in some other equitable 
manner. 

The following computations are based upon a Life Policy for $10,000, issued at 
the age of thirty years, gross or loaded premium $204.40, net premium $152.89, and 
premium reserves, according to the Actuaries 1 or combined-experience tables of mor- 
tality, at five per cent, interest, and dividends by the "contribution 11 formula, which 
is as follows : 

To the premium reserve (if any) at the close of the preceding year, add the 
premium actually received, less the expenses, and the interest upon both items 
at the rate actually received ; from this sum deduct the '•'■assessment for los- 
ses " for the yeir (which is found by multiplying the amount at risk by the prob- 
ability of dying during the year, according to the table, multiplied by the ratio of 

actual to probable deaths), and the reserve at the close of the current year ; the 
balance ivillbe the contribution to surplus. 

Although the expense of a Policy during its first year is much more than in sub- 
sequent years (arising from larger commissions, medical examination, revenue 
stamps, etc.), the extra expense is more than compensated by the more favorable 
rate of mortality during such year, viz., .3979 of the average expected mortality, 
according to the tables. See table "Value of Selection, 11 page lx, nth Mass. 
Reports. 

Assuming that the Company will receive 7 per cent, on investments, and that the 
expenses will be the average of Companies doing business in Massachusetts in 1865 
viz., 15 per cent, of the gross premium, and charging all of the expenses to premium 
receipts, we have 6' 204.40 gross premium, from which we deduct 15 per cent., or 
$30.66, for expenses, leaving net to the Company $173.74. 

The amount that the Company must have at the issuance of the Policy, to provide 
for the losses of the year and the premium reserve, in other words, the " net 
premium, ,, $I52. 89; the difference between these last two items is $20.85 of " unex- 
pended margin, 11 which, increased at 7 per cent, interest, would amount at the end 
of the year to $22.31, the surplus arising from the first source of profit. 

The sum of $152.89, will, at 5 per cent, interest, pay the losses of the current 
year, and provide for the "premium reserve 11 at the end of the year, or the amount 
the Company must have to meet the increase in future risks ; but as the Company 
realizes 7 per cent, instead of 5. the difference — 2 per cent, on this amount — will 
yield $3.06, the surplus arising from the second source. 

The amount at risk is not, as might be supposed, the amount of the Policy, but 
that amount less the reserve at the end of the year, or the amount of the Policy less 
the amount which the insured has contributed toward insuring himself, being the 
difference between the net premium and the cost of insurance for the year. In this 
case, $10,000 less $76.93 premium reserve, leaves $9,923 .07 as the " amount at risk" 
during the first year. This amount multiplied by the fraction representing the 



162 

41 probability of dying 11 (which is found by dividing the number dying during the 
year by the number living at the commencement of the year), ^ =. 0084249, 
gives SS3.60 as the estimated "cost of insurance." But we find that the u American 
rate, 11 as given on pages lviii and lix, nth Massachusetts Reports, is .73446 of the 
"Actuaries 1 ; 11 we have, therefore, as the " assessment for losses, 11 $83 .60 x. 73446= 
$61.40, which, deducted from $83.60, gives $22.20 surplus arising from the third 
.source. 

Summing up, we have — 

From unexpended margin $22 31 

" excess of interest 3 06 

" excess of vitality 22 20 

Total surplus $47 57 

Applying the formulae, we have for the " contribution to surplus, 11 or "dividend" 
at the end of the first year — 

Gross premium $204 40 

Expenses, 15 per cent 30 66 

Leaving amount actually received by Company $ T 73 74 

Interest at 7 per cent 12 16 

Total $185 90 

Assessment for losses : 

Probability Amount Ratio of actu- 

of " at al to probable 

dying. risk. deaths. 

.0084249 x $9,923.07 x .73446= $6140 

Premium reserve, end of first year 76 93 

138 33 

Balance or contribution to surplus $47 57 

At the end of the 20th year : 

Reserve, end of 19th year $2,097 08 

Premium, $204 40 — expenses, $30.66 173 74 

Interest at 7 per cent, on both items 158 96 

Total $2,429 78 

Assessment for losses : 

Probability Amount Ratio of actu- 

of ' at al to probable 

dying. risk. deaths. 

.0150611 x $7,754.83 x .73446= S85 78 

Reserve, end of 20th year 2 ^ 2 45 67 

2 ,33i 45 

Balance or contribution to surplus $98 33 



163 

In the following table, column A exhibits the probability of dying, which is 
found by dividing the number dying during each year by the number living at the 
commencement of the same year. (See Table VIII, p. 131 of this work.) 

Column B, amount at risk, is the amount of the Policy, less the premium re- 
serve. 

Column C, premium reserves, found by multiplying the difference between the 
net annual premiums at age of entry and age of valuation, by an immediate annuity 
of $1, commencing at age of valuation. 

Column D, assessments for actual losses, is found by multiplying the amount at 
risk by the probability of dying, and by the ratio of actual to probable deaths. 

Column E shows the dividends each year on the Policy. 

Should the insured decide to purchase additional insurance with his dividends, in- 
stead of using the amount in reduction of his next premium, the amount of his re- 
versionary addition (column F) can be found by multiplying the dividend by the 
single premium of assurance on $1 at the then age. 

The same sources of profit apply to paid up insurance as to annual premiums and 
the surplus ascertained by the same formulas ; we have, therefore, assumed that these 
additions will be subject to the same rate of interest and mortality, and have entered 
in column G the dividends upon these additions. 

Column H shows the sum of the reversionary additions to the Policy, and the 
amount purchased by the dividends upon the additions. The total value of the 
Policy will be found by adding the original amount of the Policy. 

Column I shows the accumulation of dividends, at 7 per cent, compound interest, 
if held as a reserve fund and not applied to the purchase of reversionary addi- 
tions. 

At the end of twenty -five pears, the dividends on the Policy, $120.33, and from 
additions, $84.07, will amount to $204.40, or equal to the gross annual premium. 

If the dividends are permitted to accumulate (column I), the interest, $224.21 
(column K), at the end of twenty-tWO years will be more than sufficient to pay the 
annual premium. Or the sum of the dividend on the Policy (column E), $86.71, 
and the interest (column K), $131.76, will amount to $218.47, or $14.07 more 
than enough to keep up the annual premium at the end of seventeen years, and 
yield an increasing annuity to the assured, or much increase his Policy. We 
append on the next two pages the tables above referred to. 



164 

LIFE POLICY FOR $10,000, ISSUED AT THE 

CONTRIBUTION PLAN. GROSS PREM- 

TABLE OF MORTALITY AT 

Actual mortality (American experience), .73446 of Actuaries 1 rates. Actual Interest 



Years. 


Probability 

of Dying 

each Year. 


Amount at 
Risk. 


Premium 
Reserve. 


Assessm'ts 

for Actual 

Losses. 


Dividend 

on 

Policy. 




A 


B 


c 


D 


E 


1 


.0084249 


$9,923.07 


$76.93 


$61.40 


$47.57 


2 


.0085784 


9,843.09 


156.91 


62.02 


49.30 


3 


.0087468 


9,760.10 


239.90 


62.70 


51.10 


4 


.0089191 


9,673.85 


326.15 


63.37 


53.08 


5 


.0090955 


9,584.21 


415.79 


64.02 


55.06 


6 


.0092877 


9,491-03 


508.97 


64-74 


57.09 


7 


. 0094849 


9,394- 20 


605.80 


65.44 


59-25 


8 


. 0096867 


9,293-35 


706.65 


66.12 


61.34 


9 


. 0099064 


9,188.54 


811.46 


66.85 


63.71 


10 


.0101311 


9,079.44 


920.56 


67.56 


66.04 


11 


.0103619 


8,965.81 


1,034.19 


68.23 


68.48 


12 


.0106118 


8,847.42 


1,152.58 


68.96 


70.95 


13 


.0108943 


8,724.30 


1,275.70 


69.81 


73-66 


H 


.0112509 


8,596.71 


1,403.29 


71.04 


76.57 


15 


.0116973 


8,465.02 


1,534-98 


72.73 


79.72 


16 


.0122120 


8,329.48 


1,670.52 


74.71 


83.10 


17 


.0128389 


8,190.58 


1,809.42 


77.23 


86.71 


18 


.0135137 


8,048.35 


1,951.65 


79.89 


90.44 


J 9 


.0142595 


7,902.92 


2, 097 ,.08 


82.77 


94-33 


20 


.0150611 


7,754-33 


2,245.67 


85.78 


98.33 


21 


.0159386 


7,602.68 


2,397-32 


89.00 


102.46 


22 


.0168982 


7,448.15 


2,55L85 ' 


92.44 


106.74 


23 


.0179473 


7,290.87 


2,709.13 


96. 10 


in. 17 


24 


.0190927 


7,131.04 


2,868.96 


loo. 00 


115. 71 


25 


.0203133 


6,968.62 


3,031.38 


103.97 


120.33 


26 


.0216643 


6,803.92 


3,197.08 


108.26 


125.14 


27 


.0231262 


6,637.08 


3,362.92 


112.73 


130.06 


28 


.0246793 


6,468.03 


3,53L97 


117.24 


135.02 


29 


0263856 


6,297.04 


3,702.96 


122.03 


140.12 


30 


.0282465 


6,124.31 


3,875.69 


127.05 


145.33 


3i 


.0303361 


5,95o.55 


4,049.45 


132.58 


150.86 


32 


.0326117 


5,775-9° 


4,224.10 


138.34 


156.37 


33 


.0351205 


5,600.89 


4,399- IJ 


144.47 


161. 21 


34 


.0378398 


5,425.7i 


4,574-29 


150.79 


167.88 



165 

AGE OF 30 YEARS. CALCULATED UPON THE 
IUM, $204.40. RESERVES BY ACTUARIES' 
5 PER CENT. INTEREST. 

received on Investments, 7 per cent. Dividends by "Contribution 11 Formula. 



Reversionary 


Dividends 

from 
Additions. 


Total 

Reversionary 

Additions. 


Accumulation 


Interest on 


Additions Pur- 
chased with 
Dividends. 


of Dividends on 

Policy at 

7 per cent. 


Accumulation 

of 

Dividends. 


F 


G 


H 


I 


K 


$191.15 




$191.15 


$47-57 


$3.33 


193.40 


$^27 


389.52 


100.20 


7.01 


l 95-99 


2.66 


595.67 


158.40 


11.09 


198.25 


4.14 


809 . 40 


222.57 


15.58 


200.59 


5.75 


1,030.97 


293.21 


20.52 


202 . 76 


7-59 


1,260.32 


370.82 


25.96 


205.10 


9-43 


1,498.05 


456.03 


31.92 


207 . 20 


11.36 


1,743 23 


549-29 


38.45 


209 . 26 


13.53 


1,996.93 


651.45 


45.60 


211. 18 


15.86 


2,258.82 


763.09 


5341 


213.07 


18.35 


2,529.30 


884.98 


61.95 


214.92 


21.05 


2,807.56 


1,017.88 


71.25 


216.90 


23.88 


3,094 80 


T, l6o. 79 


81.26 


219.24 


27.86 


3,393.80 


1,318.62 


92.30 


221.92 


30.46 


3,700.51 


1,490.64 


104.34 


224.93 


34.38 


4,118.21 


1,678.08 


117.47 


228.18 


38.05 


4,346.49 


1,882.26 


131.76 


231.44 


42.54 


4,686 78 


2,104.46 


14731 


234.78 


47-25 


5,049 12 


2,346.IO 


164.23 


238.07 


52.43 


5,4I4. J 


2,6o8.66 


182.61 


241.37 


57- 9 1 


5,791.88 


2,893.73 


202 . 56 


244.70 


63.83 


6,182.92 


3,203.03 


224.21 


248 . 09 


70.20 


6,587.68 


3,538.41 


247.69 


251.43 


77.07 


7,006.59 


3,90I.8l 


273.13 


254.67 


84.07 


7,439 J 9 


4,295.27 


300.67 


258.04 


92.35 


7,887.64 


4,72I.o8 


330.48 


261.38 


100.85 


8,351.69 


5,l8l.62 


362.71 


264.54 


109.90 


8,831.56 


5,679.35 


397.55 


267.74 


119.64 


9,327.93 


6,217.02 


435.19 


270.93 


130.07 


9,84L35 


6,797-54 


475.83 


274.51 


141.38 


10,372.93 


7,424.23 


519.70 


277.85 


154.68 


10,925.66 


8,100.30 


567 . 02 


279.86 


166.18 


11,493.98 


8,828.53 


618 . 00 


284.88 


179.86 


1 2,084 • °4 


9,614.41 


673 01 



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